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Gold & Crude Oil End Friday’s Session with Losses

April 4, 2015 at 3:51 by Vladimir Vyun

Gold ended Friday’s session with losses even though the dollar demonstrated weakness following worse-than expected nonfarm payrolls. While previously the precious metal had an inverse correlation with the US currency, recently gold was falling together with the greenback. The soft employment data may yet provide support for the metal in the long run, especially as the report fueled speculations about a late interest rate hike, but for now prices are in decline. June futures for gold slipped 0.6 percent to settle at $1,200.90 per troy ounce on COMEX.

While the losses of gold were relatively mild, crude oil showed a really big drop, especially Brent (the ‘world’ grade) crude. The reason for the decline was likely the news about a breakthrough in talks about the Iranian nuclear program. It was not a deal, just a framework of a deal, but it was still encouraging news. Of course, it was not so encouraging for oil due to the prospects of increasing supply in case the deal would be reach and sanctions against Iran would be lifted. May contract for delivery of WTI crude oil lost 1.9 percent to $49.14 per barrel on NYMEX. Brent crude dipped as much as 3.77 percent to $54.95 per barrel on ICE.

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