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Precious & Industrial Metals Post Losses

February 27, 2014 at 4:15 by Vladimir Vyun

Precious metals dropped today as surprisingly good housing data from the United States backed the case for smaller monetary stimulus. US new home sales increased to the seasonally adjusted annual rate of 468,000 in January from 427,000 in December. This is compared to the median forecast of 406,000. Federal Reserve Chairwomen Janet Yellen speaks today and traders hope that she will mention plans for future monetary policy. April futures for gold declined $0.7 (0.05 percent) to $1,327.3 per troy ounce as of 4:06 GMT on COMEX today. May contract for delivery of silver was down $0.19 (0.91 percent) to $21.10 per ounce.

Copper declined too as outlook for China’s manufacturing is not particularly good. The official report will be released on March 1 and it is expected to show a drop of the manufacturing index from 50.5 to 50.2 in February. Concerns about slower growth in the Asian nation hurt industrial metals and copper in particular. May copper lost $0.029 (0.9 percent) to $3.198 per pound today.

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

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