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Precious Metals Down on Risk Appetite Caused by China’s Data, Copper Gains

April 1, 2019 at 10:32 by Vladimir Vyun

Markets were in a risk-on mode today thanks to the surprisingly positive reports released in China. Hopes for a positive outcome of the Sino-US trade talks also bolstered the investors’ confidence. As a result, precious metals declined as market participants felt no need for them as a safe haven. By the same token, copper rallied. China is the biggest consumer of the industrial metal, therefore any good news from the world’s second biggest economy is positive for copper.

Futures for delivery of gold in June declined 0.21% to $1,295.8 per troy ounce as of 10:12 GMT on COMEX today. May contract for silver dropped 0.26% to $15.07 per ounce. Spot price for platinum fell 0.15% to $848.16 per ounce, while palladium slid 0.44% to $1,379.13 per ounce. At the same time, copper for delivery in May advanced 0.49% to $2.9505 per pound.

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