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Precious Metals Trim Gains After Monday’s Big Rally

April 28, 2015 at 3:23 by Vladimir Vyun

Gold and other precious metals demonstrated huge gains yesterday, propelled higher by weakness of the US dollar. The metals eased their gains today. Still, prices remained high above this week’s opening level.

The US dollar was under pressure lately due to the string of disappointing economic news from the United States. Monday was no different as the manufacturing index fell unexpectedly. As a result, market participants speculate that the Federal Reserve will likely postpone the planned interest rate hike. Such talks are very positive for precious metals.

June futures for delivery of gold fell 0.21 percent to $1,200.70 per troy ounce as of 3:19 GMT on COMEX. July contract for silver slid 0.39 percent to $16.38 per ounce. Spot price for platinum declined 0.33 percent to $1,144.25 per ounce, and palladium retreated by 0.24 percent to $777.95 per ounce.

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

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