Precious metals erased losses amid weaker US Dollar on Thursday

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Source: Duakscopy Bank
Precious metals rallied on Thursday amid broadly lower US Dollar. More optimistic situation in the Euro zone after the IMF agreed to back up the second Greek bailout package also created a fresh stimulus for precious metals. However, recent Fed decision to maintain  current monetary policies continued to weight down on the commodity group. Gold was the main driver for the commodity group over the day. Moreover, the yellow metal may seek long-term support on the record low African gold production. The South African gold output dropped to the lowest level since 1922 in February hence market may face gold shortage. Further, lower gold prices after a previous  slump provoked increased buying interest from large gold-backed funds. Other precious metals mostly followed the gold's suit.

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