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Metals Weaker Ahead of Fed Policy Decision

April 29, 2014 at 21:08 by Vladimir Vyun

Most metals fell today, including gold, silver and copper. The Federal Reserve starts its two-day meeting and it is expected that the central bank will continue to reduce its monthly asset purchases at the same rate of $10 billion per month as it has done at the previous meetings. Such outlook is helping the US currency, hurting dollar-priced commodities at the same time.

Metals were also weaker as the conflict between Russia and Ukraine shows no signs of escalation, spurring risk trade on the markets. Traders preferred to buy stocks instead of commodities, driving the Standard & Poor’s 500 Index of shares to the biggest rally in more than a week. The last year’s drop of gold prices coincided with the rally to all-time records among various stock indexes.

June futures for delivery of gold lost $2.60 (0.20 percent) to $1,296.40 per troy ounce as of 21:04 GMT on COMEX today. July silver went down $0.11 (0.56 percent) to $19.51 per ounce. Copper dropped $0.0157 (0.57 percent) to $3.0755 per pound.

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

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