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Gold & Crude Oil Fall as Unemployment Claims Boost Dollar

May 9, 2013 at 23:51 by Vladimir Vyun

Commodities, including gold and crude oil, fell today after positive US unemployment claims boosted the dollar. Claims for unemployment benefits declined from 327,000 to 323,000 last week. It was a surprise for traders as they have anticipated an increase to 333,000.

The surprising report bolstered the greenback, hurting prices for raw materials. Additionally, improving employment spurred talks that the Federal Reserve may drop its stimulus. Such prospects drove commodities even further down.

Gold futures for delivery in June dropped $12.8 (0.87 percent) to $1,455.8 per troy ounce as of 23:40 GMT on COMEX today. WTI crude oil declined $0.3 (0.31 percent) to $96.09 per barrel on NYMEX. At the same time, contract for Brent crude advanced $0.13 (0.12 percent) to $104.47 on ICE today.

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

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