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Europe Brings Risk Appetite to Markets, Gold Suffers, Oil Heads to Weekly Gain

September 16, 2011 at 0:44 by Vladimir Vyun

The risk aversion receded as concerns for the European debt crisis eased. The increasing investor’ willingness to risk was fallowed by the slump of gold and the advance of crude oil.

The European Central Bank announced that it’s going to lend dollar to European bank to support the banking system of the European Union and boost liquidity. The bank of other developed nations will join the ECB in this effort. The European leaders reassured that they are going to help Greece to remain in the Eurozone. China plans to help Europe by purchasing European bonds.

December contract for gold delivery slipped $45.10 (2.5 percent) to $1,781.40 per ounce as of 13:56 on COMEX after reaching $1,775 — the lowest price since August 26. October futures for delivery of crude oil fell $0.18 to $89.22 per barrel in electronic trading on NYMEX, following yesterday’s jump by $0.49 to $89.40. Prices for crude were up 2.3 percent this week.

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

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