Commodity Blog

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Positive Mood on the Markets Push Gold and Silver Up

May 4, 2015 at 17:45 by Andriy Moraru

Gold, silver, platinum, and palladium — all are benefiting from the elevated market sentiment for speculative commodities as the US stock market rises, while the industrial commodities lack a definite direction today.

Gold and silver look to be the major beneficiaries of the currently prevailing attitude of the market participants. Although the initial optimism is vanishing little by little from the equity markets, they still show a significant part of gains made earlier today. The same can be said about the precious metals.

US factory orders report for the month of March added some fuel to the rally in both markets — stocks and metals. At the same time, the worse than expected manufacturing PMI report from China proved to be detrimental to both copper and oil. Additional boost for the gold bullishness was provided by the Friday’s CFTC Commitments of Traders report that has shown an increase in the commercial long positions for the metal’s futures.

The spot price for gold rose from $1,178.42 to $1,188.20 per troy ounce as of 17:44 GMT today. Silver is showing a gain from $16.16 to $16.43 per troy ounce as of now, with the daily high at $16.76 per troy ounce. You can compare it to copper’s performance: down from $2.9265 to $2.9070 per pound on COMEX today.

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

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