Monday , June 17 2019
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Metals Trade Lower After Fed Policy Minutes

Summary:
Most metals were trading lower today, with the exception of palladium, which was little changed. The possible reason for the losses was the release of minutes of the March Federal Reserve monetary policy meeting. The notes revealed that an interest rate hike remains in the cards — a prospect that is negative for metals, especially gold. But a cut seems also possible, and it would be very positive for the metal market. Surprisingly, the US dollar was soft as well. Usually, metals and other dollar-denominated commodities trade inversely to the greenback, but that was not the case today. Futures for delivery of gold in June declined 0.15% to ,311.9 per troy ounce as of 22:48 GMT on COMEX today. May contract for silver dropped 0.35% to .19 per ounce. Spot price for platinum slipped 0.08%

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Most metals were trading lower today, with the exception of palladium, which was little changed. The possible reason for the losses was the release of minutes of the March Federal Reserve monetary policy meeting. The notes revealed that an interest rate hike remains in the cards — a prospect that is negative for metals, especially gold. But a cut seems also possible, and it would be very positive for the metal market.

Surprisingly, the US dollar was soft as well. Usually, metals and other dollar-denominated commodities trade inversely to the greenback, but that was not the case today.

Futures for delivery of gold in June declined 0.15% to $1,311.9 per troy ounce as of 22:48 GMT on COMEX today. May contract for silver dropped 0.35% to $15.19 per ounce. Spot price for platinum slipped 0.08% to $902.11 per ounce, while palladium was about flat at $1,390.7 per ounce. Copper for delivery in May lost 0.12% of its value to $2.922 per pound.

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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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