Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Precious Metals Rally Ahead of Fed

July 30, 2014 at 0:17 by Vladimir Vyun

Gold rose today along with other precious metals. The gold market started this week with gains but fell yesterday as positive data from the United States bolstered the US dollar, weakening commodities priced in the US currency. Bullion managed to rebound at the start of the current trading session.

Experts remain skeptical about gold’s ability to maintain the rally. The Federal Reserve will announce its monetary policy decision today, and it is expected that the central bank will reduce stimulus once more. Moreover, traders are pricing in an interest rate cut in a near future, and this is very bad for gold and other precious metals.

December futures for gold advanced 0.2 percent to $1,300.70 per troy ounce as of 00:01 GMT on COMEX today. September silver advanced 0.06 percent to $20.60 per ounce. Spot price for platinum rose 0.02 percent to $1,479.81 per ounce, and the price for palladium added 0.20 percent to $881.55 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply