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Precious Metals: Bounce After Previous Losses

July 4, 2014 at 17:07 by Vladimir Vyun

Gold managed to pare earlier losses today as the dollar retreated after the initial surge on better-than-expected US nonfarm payrolls. Other precious metal also posted gains.

Initially, the greenback rallied as positive employment data suggested that US policy makers will continue to reduce stimulus. Yet the resulting risk appetite pushed the US currency down, bolstering dollar-priced commodities.

Palladium demonstrated especially big gains, likely due to concerns about supply from South Africa. While strikes ended, damage to output has been done, and it will take a long time before production will return to normal levels.

August futures for delivery of gold rose 0.06 percent to $1,321.40 per troy ounce as of 16:47 GMT on COMEX today. September silver gained 0.25 percent to $21.19 per ounce. Spot price for platinum advanced 0.19 percent to $1,502.50 per ounce, while palladium price went up 0.83 percent to $866.25 per ounce.

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