Gold and other precious metals were under pressure today. Surging yields for US treasuries were bolstering the US dollar, hurting commodities priced in the US currency. Additionally, higher yields usually reflect expectations of higher interest rates, and that bodes ill for
Going forward, traders look for tomorrow’s monetary policy meeting of the European Central Bank. If its statement comes out dovish, that will likely result in even stronger dollar and, consequently, additional losses for metals. The Bureau of Economic Analysis will release the advance report on US gross domestic product in the first quarter, and it also should have a strong influence on markets.
June futures for delivery of gold rose 0.74% to $1,323.2 per troy ounce as of 17:30 GMT on COMEX today. July contract for silver slumped 1.11% to $16.6 per ounce. Spot price for platinum tumbled as much as 2.31% to $909.87 per ounce. Palladium was the only precious metal that managed to avoid big losses, trading almost unchanged at $974.73 per ounce.
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