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Precious Metals Keep Rising After Fed

June 19, 2014 at 10:17 by Vladimir Vyun

Gold, together with other precious metals, rallied after the Federal Reserve policy meeting yesterday and kept rising today. The Fed trimmed its monetary stimulus by $10 billion, in line with traders’ expectations, but said that interest rates will remain low for a considerable time. Additionally, the US central bank lowered its growth projections for this year.

Previously, it was expected by some market participants that the Fed will start tightening its monetary policy soon after the asset purchase program ends. Yet the Fed’s comments make such thinking highly questionable. This means that the precious metal market lost some of its bearishness, allowing metals to rally.

August futures for delivery of gold rose $9.30 (0.73 percent) to $1,282.00 per troy ounce as of 10:07 GMT on COMEX today. July contract for silver rallied $0.18 (0.92 percent) to $19.96 per ounce. Spot price for platinum advanced by $5.37 (0.37 percent) to $1,456.25 per ounce, while palladium gained $0.80 (0.10 percent) to $826.50 per ounce.

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