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Precious Metals Decline, Weak Dollar Limits Losses

November 23, 2017 at 18:02 by Vladimir Vyun

Precious metals fell today, but the weakness of the US dollar limited the drop. The greenback fell yesterday due to mixed economic data and minutes of the Federal Reserve policy meeting. Fed members voiced concern about sluggish inflation. And while an interest rate hike in December remained probable, such comments led to speculations that further monetary tightening will be more gradual. Metals usually trade inversely to the US currency, therefore the dollar’s decline was beneficial to the commodities, though it did not translate to a rally.

Trading was quiet today with lighter volumes as US markets were closed for Thanksgiving holiday. Markets in Japan were also closed due to a public holiday.

February contract for delivery of gold slipped 0.11% to $1,295.4 per troy ounce as of 17:54 GMT on COMEX today. March futures for silver declined 0.24% to $17.18 per ounce. Spot price for platinum dropped 0.34% to $935.42 per ounce. Meanwhile, palladium rallied as much as 0.78% to $1,013.81 per ounce.

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

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