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Gold & Crude Oil Fail to Hold Ground

July 31, 2015 at 9:28 by Vladimir Vyun

Both crude oil and gold were demonstrating resilience during the previous trading session but failed to hold ground today. There were several possible reasons for the retreat of the commodities.

One of the most important factors that are driving markets currently is the outlook for monetary tightening from the Federal Reserve. While this week’s policy meeting of the US central bank has had a limited impact on the commodity market initially, its influence increases as trader digest the news.

Another factor is the fear of China’s economic slowdown. The crash of the nation’s stock market has ended (or at least paused), but it highlighted vulnerability of the Asian economic powerhouse.

December contract for delivery of gold declined 0.75 percent to $1,080.20 per troy ounce as of 9:22 GMT on COMEX today. September contract for sliver dropped 1.10 percent to $14.54 per ounce. WTI crude oil slid 1.36 percent to $47.86 per barrel on NYMEX.

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

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