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Metals Weak at Start of Week

November 12, 2013 at 3:10 by Vladimir Vyun

Metals showed signs of weakness at the beginning of this week as traders digested last week’s news, most of which were bad for the raw materials. The unexpected surge of US non-farm payrolls led to renewed talks about quantitative easing tampering by the Federal Reserve. Copper could have profited from signs of growth in China, but is falling right now.

Fed’s monetary tightening may lead to slower economic growth in the United States, the biggest economy of the world. This in turn will lead to slowdown of the global economy. Previously, such concerns would have made precious metals rally, but it looks like nowadays investors prefer to look for a refuge in other assets.

December futures for delivery of gold slipped $1.6 (0.12 percent) to $1,279.5 per troy ounce as of 3:05 GMT on COMEX today. Contract for silver lost $0.06 (0.29 percent) to $21.22 per ounce. December copper was down $0.0130 (0.4 percent) to $3.2465 per pound.

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