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Dollar Drives Gold & Silver Down, WTI Oil Gains on Supply

December 3, 2014 at 0:39 by Vladimir Vyun

Overnight, gold and silver were down due to the strength of the dollar. The greenback rallied on the back of strong macroeconomic data from the United States. Construction spending grew 1.1 percent in October, almost two times the expected rate. February contract for gold ticked down 0.14 percent to $1,197.70 per troy ounce as of 00:27 GMT on COMEX today. March futures for silver lost as much as 1.30 percent to $16.48 per ounce.

Meanwhile, the West Texas Intermediate grade of crude oil gained due to a private supply report. The American Petroleum Institute reported that US stockpiles shrank 6.5 million barrels last week. The Energy Information Administration will release an official estimate today, and analysts predict an increase by 1.1 million barrels. January futures for WIT grade of crude gained 1.32 percent to $67.76 per barrel on NYMEX today. At the same time, Brent crude oil lost 2.76 percent to settle at $70.54 per barrel on ICE.

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