Commodity Blog

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ECB Meeting Results in Losses for Gold, Silver & Crude Oil

April 21, 2016 at 19:32 by Vladimir Vyun

The commodity market looked good today but everything has changed after the policy meeting of the European Central Bank. While the ECB did not change its policy, its President Mario Draghi kept a dovish outlook and signaled about a possibility of another round of monetary stimulus. The euro fell as a result, helping the dollar to rebound.

Commodities were roaring to the upside before the meeting but lost their momentum afterwards as the bounce of the greenback Obstacle Bounce House put pressure on raw materials priced in the US currency. Not all commodities fell, but gold, silver and crude oil were among the losers.

June contract for gold ticked down 0.35% to $1,250 per troy ounce as of 19:23 GMT on COMEX today. May silver dropped 0.96% to $16.97 per ounce. June futures for WTI crude oil sank 0.96% to $43.31 per barrel on NYMEX. Brent crude plunged as much as 2.53% to $44.64 per barrel on ICE.

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