Prices for gold rallied today, followed by other precious metals, even though there is a strong case against buying bullion. Among possible reasons for today’s rally is the
Precious metals often rally after bad news as traders seek safer assets. Additionally, the poor report hurt the dollar, increasing value of commodities priced in the US currency. Gold is still heading to a weekly loss but is going to end the month with gains.
April futures for delivery of gold rallied 1.43 percent to $1,272.60 per troy ounce as of 16:47 GMT on COMEX today. Contract for silver gained as much as 2.34 to $17.17 per ounce. Spot price for platinum added 0.71 percent to $1,230.25 per ounce while price for palladium rose 0.44 percent to $777.19 per ounce.
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