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Precious Metals Decline on Fed Outlook, Corn Gains on Ukraine

March 19, 2014 at 4:05 by Vladimir Vyun

Gold and silvers slipped today as the Federal Reserve started its two-day monetary policy meeting. It is expected that the Fed will continue reducing its asset purchases, boosting the dollar and putting pressure on commodities priced in the US currency. US inflation stagnated, and it did not help to improve the appeal of precious metals as an inflation hedge. April future for gold slipped $0.6 (0.04 percent) to $1,358.4 per troy ounce as of 3:50 GMT on COMEX today. May contract for silver sank as much as $0.4 (1.86 percent) to $20.88 per ounce.

Meanwhile, corn gained due to uncertainty about the situation in Ukraine, the third largest corn exporter in the world. Russian President Vladimir Putin said that he has no intention of splitting Ukraine apart, while the Western countries are planning to impose additional sanctions against Russia. While there were speculations that the conflict of the Eastern European country with Russia should not affect exports, uncertainty remains and makes traders nervous. As a result, prices for corn rise. May futures for delivery of corn advanced $0.0275 (0.57 percent) to $4.8900 per bushel on CBoT.

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