3/6, 3:51 PM (Source: TeleTrader)
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Precious metals slip ahead of Fed's Beige Book

Trading was calm on Wednesday in markets in the United States upon the opening bell on Wall Street and major stock indexes were little changed, together with Treasury bonds. But gold and assets from its class were in the red as investors were preparing for the release of the Federal Reserve's Beige Book, which should provide an update about the conditions in the business sector. On the other side of the Atlantic, British stocks rose parallel to sovereign bonds, which lowered yields, while German Bunds showed gains for longer maturities.

ADP's survey with private firms revealed a solid jump in employment in the US for last month – by 183,000. It came in against 300,000 for January, but the previous figure was revised from the initial 213,000. An acceleration in economic growth may prompt the Fed to resume raising interest rates. It would weigh on inflation, against which precious metals are the most conventional safe haven.

Gold was down 0.23% at 3:49 pm CET, selling for $1,285.29 per ounce and testing the lowest mark since January 25. Silver lost 0.32% to $15.1, after yesterday it touched $15.05 for the first time this year. Platinum declined 1.19% to $827.98 for one troy ounce. Today it hit $826.97, the lowest level in 12 days. Palladium dipped 0.31% to $1,512.2 per ounce.

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