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| Precious Metals Rally on Draghi’s Pledge & Hopes for Fed’s Stimulus Posted: 26 Jul 2012 02:02 PM PDT Precious metals climbed today after European Central Bank President Mario Draghi promised to support the euro and bring borrowing costs down. Draghi said today:
He also voiced concerns about soaring borrowing costs:
The yield on the Spanish 10-year bonds retreated below 7 percent after the comments. Metals were also stronger on speculations that the US Federal Reserve may stimulate the economy as the recent data was not very good, especially from the housing sector. Yesterday, the report showed that the annual rate of new home sales fell to 350,000 in June from 382,000 in May. Today, the report on pending home sales was released, demonstrating the drop by 1.4 percent. Gold climbed from $1,603.80 to $1,613.90 per ounce as of 20:47 GMT on COMEX today. Silver was up from $27.30 to $27.43 per ounce. Palladium rose from $566.45 to $570.25 today. Platinum advanced from $1,395.70 to $1,401.20 in New York. |
| Commodity Prices — July 26th 2012 Posted: 26 Jul 2012 12:31 PM PDT Latest commodity prices (ICE, NYMEX, CME) as of 19:29 GMT: Oil (Brent) — $105.44 per barrel. |
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