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Metals Subdued as Fed Looks Optimistic

October 31, 2013 at 0:49 by Vladimir Vyun

Metals dropped today even as the Federal Reserve kept its monetary stimulus in place. Still, the US central bank was talking about positive developments in the economy and mentioned adjustment of asset purchases sometime in the future. The dollar rallied on the comments, putting pressure on commodity prices.

The Fed said in its policy statement:

The Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases.

December futures for delivery of gold dropped $7.9 (0.59 percent) to $1,341.4 per troy ounce as of 00:45 GMT on COMEX today. Contract for silver slumped as much as $0.37 (1.62 percent) to $22.61 per ounce. Spot price for platinum declined $11.16 (0.76 percent) to $1,461.93 per ounce and palladium fell $1.83 (0.25 percent) to $744 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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