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Precious Metals Rally Despite Strong Dollar

June 14, 2018 at 21:00 by Vladimir Vyun

Futures for gold rallied today, and other precious metals joined the rally, with the exception of palladium. That is surprising considering that the US dollar was extremely strong today. The greenback rallied following the surprisingly dovish policy statement from the European Central Bank. Usually, metals trade inversely to the US currency, but that was not the case today.

Some analysts explained the metals’ strong performance by risk aversion, which drove investors to safer assets. There were speculations that the US President Donald Trump is going to impose a bunch of new tariffs on Chinese imports, likely resulting in a retaliation from the Asian nation in the form of levies on US goods.

Futures for delivery of gold in August rose 0.36% to $1,306 per troy ounce as of 20:49 GMT on COMEX today. July contract for silver rallied as much as 1.29% to $17.21 per ounce. Spot price for platinum edged up 0.18% to $905.35 per ounce, while palladium inched down 0.15% to $1,010.60 per ounce.

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