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Precious Metals Rally as US Wages Drop

January 9, 2015 at 18:07 by Vladimir Vyun

Gold rose together with other precious metals today as drop of wages in the United States pushed the dollar lower. Average hourly earnings fell 0.2 percent while analysts predicted an increase by the same rate. The data spurred talks that the Federal Reserve will delay before raising interest rates.

Wage deflation spoiled the otherwise positive employment report. US employers added more jobs that was expected, and the unemployment rate dropped below the predicted level.

February contract for delivery of gold advanced 0.75 percent to $1,217.60 per troy ounce as of 18:01 GMT on COMEX today. March silver gained 0.40 percent to $16.45 per ounce. Spot price for platinum went up 0.79 percent to $1,228.25 per ounce, and palladium rose 0.78 percent to $798.00 per ounce.

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