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Precious Metals Gain, Silver Doesn’t Join Rally

April 17, 2015 at 18:52 by Vladimir Vyun

Gold futures rose today on the back of the dollar’s weakness. Economic data from the United States was not good at all lately, fueling speculations that the Federal Reserve will be forced to delay an interest rate hike. Adding to the outlook for a late hike, Atlanta Fed President Dennis Lockhart said in yesterday’s speech that “data available for the first quarter of this year have been notably weak” and the poor economic indicators “are giving rise to heightened uncertainty about the track the economy is on.” All these factors weigh on the dollar, aiding gold at the same time.

Other precious metals gained as well with the exception of silver. It is worth noting that the greenback slowed its decline as the improving confidence of US consumers and worries about the situation with Greece played in favor of the US currency. This possibly means that metal will have trouble keeping upward momentum.

June futures for delivery of gold advanced 0.43 percent to $1,203.10 per troy ounce as of 18:47 GMT on COMEX today. Spot price for platinum gained 0.94 percent to $1,170.63 per ounce, and palladium added 0.43 percent to $784.40 per ounce. At the same time, contract for delivery of silver in June lost 0.45 percent to $16.21 per ounce.

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