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Gold Falls, Oil is Little Changed

December 30, 2009 at 2:46 by Vladimir Vyun

Gold prices dropped as rising dollar lowered demand for the precious metal as a hedge against inflation. Restoring U.S. economy returned confidence in the U.S. currency, driving the greenback up. Some investors also were selling the metal to make profit from high gold prices. February futures for gold delivery slid $9.80 (0.9 percent) to $1,098.10 per ounce on the Comex division of NYMEX.

Crude oil little changed, remaining at a five-week high, after heating oil jumped on forecast for cold weather in the U.S. and the dollar rebounded versus the euro. January delivery for heating oil increased $0.0293 (1.4 percent) to $2.1028 per barrel on NYMEX. U.S. oil stockpiles dropped 1.85 million barrels in the week ended December 25th from 327.5 million the previous week. February delivery for crude oil gained $0.1 to $78.87 per barrel on NYMEX.

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