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Precious Metals Plunge on Friday

July 18, 2015 at 1:34 by Vladimir Vyun

Platinum was not the only precious metal to plunge on Friday. Gold, silver and palladium also ended the trading session with losses. The main reason for the drop was economic data from the United States.

The data revealed that inflation in the USA was steady last month. The housing report was even more positive, showing that the number of housing starts and building permits exceeded market expectations. The only negative news was the unexpected slump of the consumer sentiment index.

The indicators, being positive for the most part, reinforced the case for monetary tightening this year. The prospects for higher interesting rates drove the dollar up, pushing metals down at the same time.

August contract for gold dipped 1.05 percent to settle at $1,131.90 per troy ounce on COMEX by the end of the Friday’s trading session. Futures for delivery of silver in September lost 1 percent to $14.83 per ounce. Spot price for palladium declined as much as 2.56 percent to $615.40 per ounce.

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