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Gold Drops as Dollar Rallies, Crude Oil Recovers

October 10, 2013 at 3:15 by Vladimir Vyun

Gold dropped today following yesterday’s slump as the dollar rallied. The greenback was rising on the announcement that US President Barack Obama will nominate Janet Yellen as the next leader of the Federal Reserve. The minutes of the last Fed policy meeting added to the strength of the currency, showing that policy makers were close to tapering of quantitative easing. December futures for delivery of gold slipped $2 (0.15 percent) to $1,305.2 per troy ounce as of 3:00 GMT on COMEX today after dropping as much as 1.3 percent yesterday.

Crude oil was also under pressure but managed to recover today. Crude was falling as US inventories expanded more than was expected. The stockpiles grew by 6.8 million barrels last week, while an increase by just 0.9 was predicted by specialists. Still, the commodity was able to post gains today. November futures for delivery of WTI crude oil ticked up $0.08 (0.08 percent) to $101.69 per barrel on NYMEX today following the 1.8 percent drop on the previous trading session. Brent crude was up $0.07 (0.06 percent) to $109.13 per barrel on ICE.

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