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Precious Metals Mixed Ahead of Fed’s Policy Decision

December 11, 2012 at 20:50 by Vladimir Vyun

Gold traded sideways today following the four-day rally. The precious metal shows an upside bias and may yet rise by the end of today’s session. Silver fell for the second day and palladium pulled back after rallying for five consecutive days. Platinum posted the fifth straight session of gains.

Perhaps traders were taking profits ahead of the monetary decision, which the Federal Reserve will announce after the two-day meeting that starts today. The decision is expected to be positive for precious metals as economists believe that the Fed will expand its asset purchases. Central banks of other developed nations are also expected to stimulate their economies, adding to the bullish momentum of precious metals.

Gold traded near its opening level of $1,709.58 per troy ounce as of 20:39 GMT on COMEX today. Silver dropped from $33.02 to $32.85 per ounce and palladium fell from $697.45 to $692.15 per ounce. Platinum rallied from $1,619.50 to $1,633.75 per ounce today.

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