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Weak Dollar Helps Precious Metals

February 13, 2015 at 20:12 by Vladimir Vyun

Gold followed crude oil in rally, though the metal’s gains were not as big. Other precious metals also gained. The reason for rally was the same as for crude — the poor performance of the US dollar.

Today’s economic data from the United States, and the unexpected drop of the consumer sentiment index in particular, hurt the performance of the greenback. Yesterday’s indicators were not good either, suggesting that US economic growth is not as robust as was previously considered. This led to speculations that the Federal Reserve will postpone the planned interest rate hike.

Despite today’s rally, gold did not exit downtrend. While bullion was rising in January, it halted its rally in the second half of the month and retreated, extending its decline in February.

April futures for delivery of gold went up 0.67 percent to $1,228.90 per troy ounce as of 20:06 GMT on COMEX today. March contract for silver climbed as much as 3.19 percent to $17.33 per ounce. Spot price for platinum advanced 0.73 percent to $1,207.38 per ounce. Palladium rallied 1.93 percent to $789.68 per ounce.

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

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