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Gold’s Losses Limited Ahead of ECB, Wheat Rebounds

January 21, 2015 at 19:02 by Vladimir Vyun

Gold declined today after rumors about the size of assets purchases that the European Central Bank is going to announce tomorrow. According to reports, ECB officials were talking about purchasing €50 billion in assets. There was still enough degree of uncertainty on the market ahead of tomorrow’s ECB meeting to limit losses of the precious metals. February futures for gold dipped 0.09 percent to $1,293 per troy ounce as of 18:45 GMT on COMEX today.

Wheat bounces today after hitting the lowest level since November yesterday. While the grain retreated from its daily highs, it still trades above the opening level currently. Market experts say that excessively low or high prices “heal” themselves, and apparently it happened this time as traders were buying the commodity that they felt is cheap. March wheat traded up 0.23 percent at $5.38 per bushel on CBoT today following the 1.1 percent jump intraday.

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

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