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Precious Metals Rally on Hopes for Higher Demand in China

February 4, 2015 at 13:12 by Vladimir Vyun

Futures for gold gained today following yesterday’s losses. Other precious metals followed. Traders were buying gold in hopes that the coming Chinese New Year will spur demand for the precious metal. Additionally, stimulating measures from the China’s central bank fueled hopes that the Chinese will be able to afford buying more jewelry. The Asian nation is the world’s second biggest consumer of gold.

Safe assets (including precious metals) were in demand also as traders were watching how the situation in Greece unfolds. Even though there was some positive news from the country, there is enough uncertainty around the indebted nation to warrant seeking haven.

April futures for delivery of gold advanced 0.63 percent to $1,268.20 per troy ounce as of 13:08 GMT on COMEX today. March silver gained 0.40 percent to $17.39 per ounce. Spot price for platinum added 0.84 percent to $1,245 per ounce, and palladium went up 0.74 percent to $792.10 per ounce.

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