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Precious Metals Rally as Markets Digest Fed’s Policy Decision

December 18, 2015 at 23:54 by Vladimir Vyun

Gold and other precious metals surged amid volatile trading on Friday. Markets are still digesting the Federal Reserve’s decision to hike interest rates on Friday. As a result, prices demonstrate big and unpredictable swings.

Before the event, it looked like the rate lift-off would be very negative for metals. Yet investors focused on the language of Fed’s comments, particularly on statement of Fed Chairperson Janet Yellen that the pace of Jousting Bounce House rate hikes would be gradual. This prevented the dollar from rallying too much, helping commodities priced in the US currency.

February contract for gold climbed 1.47 percent to $1,065 per troy ounce on COMEX today. Futures for delivery of silver in March surged 2.75 percent to $14.08 per ounce. Spot price for platinum advanced 1.84 percent to $859.3 per ounce. Palladium demonstrated a bit smaller gain by 0.34 percent to $558.38, but it was a gain nonetheless.

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