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Precious Metals Rise as Political Scandal Hits US Dollar

July 11, 2017 at 19:19 by Vladimir Vyun

Gold and other precious metals gained today thanks to the dollar’s weakness. Another political scandal in the United States hurt the US currency, helping the metals in the process. Softness of greenback usually helps dollar-denominated assets.

Gold remained under pressure from expectations of monetary tightening from the Federal Reserve. While comments from Fed Governor Lael Brainard damped such expectations, they did not erase them outright. CME FedWatch shows less than 15% chance of an interest rate hike in September but still more than 50% chance for a December hike.

Futures for delivery of gold in August advanced 0.28% to $1,216.4 per troy once as of 19:09 GMT on COMEX today. September contract for silver jumped as much as 0.97% to $15.78 per ounce. Spot price for platinum was up just a little by 0.06% to $901.9 per ounce. Palladium traded 1.28% higher at $853.73 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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