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Gold Falls as US Stocks Rally, Spread Between WTI & Brent Crude Widens Again

April 24, 2015 at 23:14 by Vladimir Vyun

Futures for gold dropped today even though the supporting factor of the weak dollar remained in place. The possible reason for such underwhelming performance was the rally of US technology stocks. The Nasdaq Composite gained 0.8 percent after reaching a new all-time high yesterday. June futures for delivery of gold slid 1.62 percent to settle at $1,175 per troy ounce on COMEX today.

Meanwhile, the spread between prices for West Texas Intermediate and Brent grades of crude oil continued to spread as WTI crude fell while Brent continued to rise. The North American grade remains under pressure from the outlook for record supply from the United States. At the same time, the Brent grade (sometimes called “world’s grade”) continued to benefit from concerns about fighting between Saudi Arabia and Houthi rebels in Yemen. WTI crude oil declined 1.02 percent to $57.15 per barrel on NYMEX today while Brent crude added 0.66 percent to $65.28 per barrel on ICE.

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