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Gold Fails to Rally, Natural Gas Gains

November 5, 2014 at 4:28 by Vladimir Vyun

Gold dipped today as prospects for monetary tightening from the Federal Reserve and the resulting strength of the dollar continued to weigh down the precious metal. Bullion attempted to rally yesterday on worse-than-expected data from the United States, which hurt the greenback, but the downward revision of economic growth in the European Union did not allow the rally to last long. With little to no inflation in most major economies and soaring prices for equities, investors felt no need to buy precious metals. December futures for gold slipped 0.38 percent to $1,163.30 per troy ounce as of 4:17 GMT on COMEX today.

Meanwhile, futures for natural gas edged higher on weather outlook. Forecasters predict a blast of cold in the USA, and it should increase demand for the gas used in heating and conditioning. Prices were falling in October due to warm weather but bounced in November due to expectations of low temperatures. December contract for natural gas advanced 0.48 percent to $4.15 per million British thermal units on NYMEX, rising for the seventh consecutive trading session.

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