Weak Dollar Means Strong Precious Metals
Precious metals, including gold and silver, gained today, rebounding from the lowest level in a month, as the dollar weakened. Economists speculated that Spain may get a credit line without asking for a bailout. The resulting positive mood among traders hurt the greenback, allowing metals to rebound.
The metals touched the monthly low yesterday on concerns about slowdown in China. Reports from the second biggest world economy were not good this week and more negative data is expected to come. On top of that, there are speculations that the policy makers will avoid adding stimulus.
Gold was up from $1,737.15 to $1,747.70 per troy ounce as of 21:42 GMT on COMEX today. Silver advanced from $32.72 to $32.94 per ounce. Platinum rose from $1,636.50 to $1,641.50 per troy ounce and palladium edged up from $634.05 to $636.60 per ounce today.
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