Commodity Blog

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Second Day of Losses for Precious Metals as Dollar Strengthens

October 8, 2012 at 20:03 by Vladimir Vyun

Gold and other precious metals dropped today as the dollar strengthened. That was the second session of losses. Gold is not far from this year’s high though, so bulls have no reason to worry at the present.

The US currency advanced among uncertainty about Europe. Traders are not sure whether Spain will request a bailout. The future of Greece is not certain either. Previously, such worries might have helped precious metals, but nowadays investors prefer currencies like the dollar and the yen in the role of save haven.

Gold fell $3.30 (0.19 percent) to $1,777.50 per troy ounce as of 20:00 GMT on COMEX today. Silver was down as much as $0.49 (1.41 percent) to $34.09 per ounce today.

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

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