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Precious Metals Today: Palladium Gains, Gold Drops

May 28, 2014 at 19:31 by Vladimir Vyun

Palladium rallied because of continuous strikes in South Africa — the second biggest producer in the world. Officials and representatives from mining companies were trying to talk with workers and trade unions to stop strikes that have started at the beginning of this year, but so far discussions were to no avail. Producers said that they already have lost $1.9 billion in revenue due to halt of mining. Spot price for palladium advanced $3.44 (0.41 percent) to $837.00 per troy ounce as of 19:20 GMT today.

Gold was falling due to positive economic data from the United States and speculations about tighter monetary policy from the Federal Reserve. Such talks were boosting the dollar, putting pressure on commodities priced in the US currency. The Standard & Poor’s 500 Index rallied to new highs yesterday, making US shares more attractive investment and driving speculators to pull their money from metals and invest them in the stock market. August futures for delivery of gold lost $6.90 (0.55 percent) to $1,258.80 per ounce on COMEX today.

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