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Gold Holds onto Gains, Other Metals Decline

Summary:
Gold was attempting to hold onto yesterday’s gains today as the US dollar extended its decline. The greenback was falling ahead of tomorrow’s policy announcement from the Federal Reserve. While markets consider an interest rate hike at the coming meeting almost guaranteed, the outlook for the next year is far less clear, and that uncertainty was driving the US currency down. And that was beneficial to gold as the metal usually trades inversely to the dollar. Other precious metals were less lucky, logging losses during the current trading session, even those that managed to rise yesterday. Unlike gold, which finds most use in jewelry and as an investment asset, other metals are used extensively in industry, therefore they often behave more like base metals, not like precious ones. Contract

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Gold was attempting to hold onto yesterday’s gains today as the US dollar extended its decline. The greenback was falling ahead of tomorrow’s policy announcement from the Federal Reserve. While markets consider an interest rate hike at the coming meeting almost guaranteed, the outlook for the next year is far less clear, and that uncertainty was driving the US currency down. And that was beneficial to gold as the metal usually trades inversely to the dollar.

Other precious metals were less lucky, logging losses during the current trading session, even those that managed to rise yesterday. Unlike gold, which finds most use in jewelry and as an investment asset, other metals are used extensively in industry, therefore they often behave more like base metals, not like precious ones.

Contract for delivery of bullion in February gained 0.14% to $1,253.6 per troy ounce as of 19:29 GMT on COMEX today. At the same time, futures for delivery of silver in March declined 0.3% to $14.72 per ounce. Spot price for platinum dropped 0.26% to $792.47 per ounce, and palladium tumbled 0.8% to $1,253.02 per ounce.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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