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Miners hit by precious metals pullback

Posted on 15 July 2014

A sudden pullback in gold and silver prices after a month’s rally sent precious metal miners lower on Monday. Gains in the two commodities have been fuelled by improving economic activity, particularly in China, as well as the resurgence over the past week of euro area fears and discord over when the Federal Reserve will first raise interest rates.
Spot gold, which has climbed more than 7 per cent since the start of June, tumbled 2.5 per cent to $1,305.51 an ounce while silver prices slid 3 per cent. Analysts with Credit Suisse said bullion movements over the remainder of the year would be tied to Fed chairwoman Janet Yellen’s view of the economy and how the central bank normalises monetary policy………………………………………..Full Article: Source


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