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Commodities Reverse Movement on Friday

June 14, 2019 at 18:12 by Vladimir Vyun

Commodities reversed their previous moves during the Friday’s trading session. Gold and silver declined after earlier gains, while crude oil rallied following the previous decline. The metals fell after US macroeconomic data came out rather positive, boosting the US dollar and reducing demand for safer assets. Meanwhile, crude gained on the report that US drillers reduced number of oil rigs. Baker Hughes reported that the oil rig count decreased by 1 to 788 this week.

Contract for delivery of gold in August edged down a little by 0.07% to $1,342.70 per troy ounce as of 18:06 GMT on COMEX today. Silver for delivery in July dropped 0.75% to $14.78 per ounce. Copper was an exception as it maintained its losses, logging a 1.07% decline to trade at $2.6280 per pound. July futures for delivery of WTI crude oil advanced 0.57% to $52.58 per barrel on NYMEX. August Brent crude jumped as much as 1.16% to $62.02 per barrel on ICE.

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