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Precious Metals Close Lower, Palladium Avoids Losses

September 23, 2016 at 22:56 by Vladimir Vyun

Precious metals ended Friday lower, though palladium was an exception, demonstrating a strong rally. Earlier this week, the Federal Reserve decided to leave interest rates unchanged. That made metals jump as monetary tightening is considered to be positive for the dollar and thus negative for commodities priced in the US currency.

Yet now, traders shifted their focus to the future and resumed speculations about a rate hike in December. Currently, the possibility of such an event is more than 50% according to the CME FedWatch page. Such outlook made investors less interested in precious metals.

December futures for gold ended trading 0.22% lower at $1,341.7 per troy ounce on COMEX today. Contract for silver slumped as much as 1.61% to $19.78 per ounce. Spot price for platinum moved down just a little by 0.08% to settle at $1,054 per ounce. At the same time, palladium climbed 1.25% to $702 per ounce.

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

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