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Rally of Precious Metals Continue

June 24, 2014 at 11:02 by Vladimir Vyun

Gold rose today together with other precious metals on concerns about tensions in Iraq and Ukraine. Even platinum and palladium managed to carve gains even though there were signs that South African mining companies and their workers reached a deal that should end strikes, which persisted since the beginning of the year. The dollar’s weakness that followed last week’s policy announcement of the Federal Reserve also helped the metals to keep rising higher.

Some experts voice an opinion that the rally should not last long as the reasons for the gains are temporary in nature. The dollar will continue to rise as the US economy continues to recover, while geopolitical risks will be resolved someday in the future. Such thinking is negative for precious metals but for now is not supported by evidences. On the contrary, the Commitment of Traders report shows that funds increase their long positions, exiting short positions at the same time.

August futures for delivery of gold rose $6.20 (0.47 percent) to $1,324.60 per troy ounce as of 10:52 GMT on COMEX today. September silver went up by $0.22 (1.05 percent) to $21.19 per ounce. Spot price for platinum gained $8.94 (0.61 percent) to $1.464.50 per ounce, while price for palladium advanced by $5.52 (0.67 percent) to $827.70 per ounce.

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