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Precious Metals’ Performance on September 7, 2017

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Precious metal movement

The four main precious metals saw their prices rise on September 7, 2017. The month has been beneficial for the metals due to rising market risk. Gold futures for October expiration rose almost 0.85% on Thursday to $1,351.60, closing at $1,346.50 per ounce. The price of gold was steady on Thursday after falling the day prior.

Silver futures rose ~1.2% and closed at ~$18.10. Platinum rose 0.96% to end the day at $1,016.80 per ounce. Palladium was the winner among precious metals, rising 1.8% and closing at $953 per ounce. Palladium has risen 7.9% in the past 30 trading days.

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Global concerns

The above chart depicts the prices of gold and palladium over the past month. The upward trend in metals has been mainly due to global uncertainty. Market participants are waiting for the Fed’s meeting this month. It is widely expected to leave the interest rate unchanged, which may provide some buoyancy to precious metals.

Mining sector

Mining-based funds that have rebounded include the VanEck Vectors Gold Miners ETF (GDX) and the Sprott Gold Miners ETF (SGDM), which rose 2.3% and 2.6%, respectively, on Thursday. Top-gaining mining stocks included Kinross Gold (KGC), AuRico Gold (AUQ), IAMGOLD (IAG), and Randgold Resources (GOLD), which rose 4.5%, 3.6%, 4.3%, and 3.8%, respectively.

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