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Precious Metals Rebound, Keep Weekly Losses

June 21, 2013 at 22:57 by Vladimir Vyun

Gold rebounded today after touching the lowest level since 2010 earlier. Other precious metals also recovered. Bullion advanced as the sharp drop of prices spurred physical demand.

Still, gold remained in a downtrend and is not likely to turn bullish anytime soon. The metal has lost 23 percent this year so far, heading for the biggest annual decline since 1981. It was falling for two years.

August futures for gold advanced $5.8 (0.45 percent) to $1,292 per troy ounce on COMEX today. Earlier, bullion reached $1,268.70 per ounce, the lowest price since September 2010. Sport price for silver climbed as much as $0.41 (2.09 percent) to $20.12 per ounce. Platinum added $12.85 (0.94 percent) to $1,376 per ounce and palladium went higher $13.05 (1.97 percent) to close at $675.75 per ounce.

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One Response to “Precious Metals Rebound, Keep Weekly Losses”

  1. Michael Ivers

    I wonder if some of the speculation that might otherwise have been going to precious metals has gone into Bitcoin instead. At least in May, Bitcoin rallied back to $130 while gold was falling to $1360, but now there doesn’t appear to be any relationship.


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