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Gold Climbs Above $1,300, Losses of Oil Limited

February 13, 2014 at 20:32 by Vladimir Vyun

Today’s economic reports from the United States disappointed market participants, showing that the US economy is not able to keep steady pace of economic expansion. This pushed gold above the $1,300 mark, and the precious metal was heading to the longest rally since 2011. Retail sales fell 0.4 percent in January, while economists hoped that they would show no change. Unemployment claims unexpectedly increased by 8,000 to 339,000 last week. April futures for delivery of gold advanced $4.8 (0.37 percent) to $1,299.8 per troy ounce as of 20:23 GMT on COMEX today after reaching $1,300.60, the highest price since November 8.

The negative data pushed crude oil lower. Crude was also falling on speculations that the commodity was overbought and after yesterday’s report showed that US inventories grew by 3.3 million barrels last week, more than was expected. The losses were limited though and the West Texas Intermediate grade hanged above the $100 level. March contract for delivery of WTI crude lost $0.07 (0.07 percent) to $100.30 per barrel on NYMEX today. Brent oil was down $0.06 (0.06 percent) to $108.73 per barrel on ICE.

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