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Precious Metals Rally as Dollar Hurt by Economic Data, Silver Doesn’t Join

May 31, 2017 at 17:49 by Vladimir Vyun

Gold rallied today as the dollar dipped against a basket of currencies. Platinum and palladium joined the rally, climbing more than 1%, while silver actually went down.

The greenback slipped as economic reports released in the United States today were underwhelming. The Chicago Business Barometer declined this month more than was expected, and pending home sales fell unexpectedly in April.

Despite the lackluster data, speculators continue to bet that the Federal Reserve will raise interest rate at its June 14 meeting, and CME FedWatch shows higher than 85% probability of such an event. Higher rates mean stronger dollar and weaker metals.

Futures for delivery of gold in August rose 0.7% to $1,274.5 per troy ounce as of 17:41 GMT on COMEX today. The metal was little changed over May, falling at the start of the month, but recovering since then. For the week, bullion was heading to a gain.

Spot price for platinum climbed 1.39% to $952.15 per ounce. Palladium gained as much as 1.67% to $820.98 per ounce. At the same time, silver for delivery in July dropped 0.64% to $17.32 per ounce.

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