Gold and other precious metals declined today. It was a surprising turn of events as US economic data released over Thursday came out poor with a huge slump of durable goods orders and the stagnating housing market. As one could expect, this led to speculations that the Federal Reserve would not be aggressive with its monetary tightening, raising interest rates very gradually. Unsurprisingly, such talks led to a drop of the US dollar. What was surprising was that precious metals fell as well even though they usually move inversely to the US currency.
Contract for delivery of crude oil in April ticked down 0.1 percent to $1,114.7 per troy ounce as of 22:21 GMT on COMEX today. March silver slid 1.48 percent to $14.25 per ounce. Spot price for platinum dipped 1.48 percent to $865.3 per ounce while palladium fell only a little by 0.06 percent to $491.55 per ounce.
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