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Commodities Under Pressure as Dollar Reverses Downtrend

March 31, 2015 at 21:25 by Vladimir Vyun

Commodities, including gold and crude oil, were under pressure from the strengthening dollar today. Previously, the decline of the US currency was driving prices for raw materials higher. Yet with positive economic reports from the United States on Monday and Tuesday, the greenback managed to reverse the downtrend, and this hurt dollar-priced commodities.

Crude oil had an additional negative factor — signs that the deadline in negotiations about Iran’s nuclear program will be extended. Previously, the end term for talks was set at the Tuesday’s afternoon, yet now the US officials said that they are willing to continue the discussion as long as it is productive. Crude may yet receive an aid from the continuing fighting in Yemen, but for now the news from Iran drew the market’s attention.

June futures for delivery of gold dipped 0.13 percent to $1,183.30 per troy ounce as of 21:19 GMT on COMEX today. May contract for WTI crude declined 1.66 percent to $47.87 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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