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Outlook for US Economy Hurts Value of Precious Metals

April 21, 2014 at 16:09 by Vladimir Vyun

Gold fell along with other precious metals today as the positive outlook for the US economy damped demand for safer assets. The Conference Board Leading Economic Index for the US rose 0.8 percent in March, matching economists’ expectations. Other macroeconomic reports from the United States this week are expected to be positive too.

Signs of economic growth make traders confident, prompting them to leave safety of precious metals for more profitable investments. Falling prices may yet attract physical buyers. At the same time, buyers are not in a hurry to buy metals as they hope that prices will fall even more.

June contract for gold lost $6.1 (0.47 percent) to $1,287.8 per troy ounce as of 16:03 GMT on COMEX today. May silver went down $0.21 (1.08 percent) to $19.39 per ounce. Spot price for platinum dropped $13.37 (0.95 percent) to $1,400.63 per ounce, while palladium tumbled as much as $22.75 (2.85 percent) to $774.25 per ounce.

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