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Slowing US Economy Helps Precious Metals

January 30, 2015 at 16:51 by Vladimir Vyun

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 worse-than-expected economic data from the United States. The US economy grew 2.6 percent in the fourth quarter of the last year compared to the forecast of 3 percent and the previous quarter’s growth of 5 percent.

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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