COMMODITIES: Gold Posts Seventh Consecutive Loss, Palladium Lone Gainer in Precious Metals

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Gold futures ended down US$22.20 at $1,364.70 an ounce today, with futures posting their seventh consecutive loss, the longest slide in four years.

Sending futures lower was a higher greenback, which was boosted by speculation that the Federal Reserve may soon rein in monetary easing. Gold, a dollar dominated commodity, tends to move inversely to the U.S. dollar because as the dollar rises it makes purchases of gold more expensive for holders of international currency.

Other precious metals, including silver platinum were lower. Palladium, meanwhile, was barely positive, boosted by data that showed a surprise rise in auto registrations in Europe. Palladium is used in the automotive sector in catalytic converters.




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This article appears in: Investing , Commodities

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