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Soft US Dollar Propels Precious Metals Higher

May 14, 2015 at 20:09 by Vladimir Vyun

Gold rallied today on the back of the weakening dollar. Most other precious metals joined the rally with the exception of palladium. The US currency was falling lately due to the stream of unfavorable macroeconomic reports. While the greenback attempted to rebound earlier during the Thursday’s session, the bounce was short-lived and the currency resumed its decline.

According to yesterday’s data, retail sales demonstrated no change in April, disappointing market participants who were counting on an increase. Today, the Producer Price Index for April showed a drop by 0.4 percent, once again proving analysts wrong as they have promised the index to gain. The negative data all but eradicated any chance for a June interest rate hike from the Federal Reserve.

June futures for delivery of gold went up 0.57 percent to $1,225.20 per troy ounce as of 20:05 GMT on COMEX today. July contract for silver climbed 1.21 percent to $17.43 per ounce. Spot price for platinum added 0.94 percent to $1,159.25 per ounce while palladium lost 0.62 percent to $782.50 per ounce.

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