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Commodities Lose Wednesday’s Gains on Thursday

April 2, 2015 at 2:02 by Vladimir Vyun

Commodities, including gold and crude oil, fell on Thursday following Wednesday’s gains. The reason for the rally was soft economic data from the United States that drove the dollar down and dollar-priced raw materials up. Yet the rally proved to be short-lived.

Gold may yet rally as the Wednesday’s US employment report was noticeably worse than expected, reducing optimism about the upcoming nonfarm payrolls. Still, the NFP remain a major threat to the precious metal.

As for crude oil, it also has its positive factors in form of tensions in the Middle East. While usually crude reacts negatively to geopolitical issues, problems in the major oil-producing region often lead to a rally of energy prices.

Futures for delivery of gold in June dipped 0.53 percent to $1,201.80 per troy ounce as of 1:57 GMT on COMEX today. May contract for WTI crude oil declined 1.06 percent to $49.56 per barrel on NYMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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