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Gold Jumps with Help from Dollar, WTI Crude Outperforms Brent

December 10, 2013 at 20:25 by Vladimir Vyun

Gold jumped today with help of weaker dollar. The US currency was falling as market participants were speculating that the Federal Reserve will postpone stimulus tapering. Even the recent positive employment data was not helping the greenback. Gold futures for delivery in February advanced as much as $26.5 (2.15 percent) to $1,260.70 per troy ounce as of 20:04 GMT on COMEX today.

West Texas Intermediate crude oil was able outperform Brent grade yet again. Brent was falling as supply from Libya is going to resume. Meanwhile, WTI crude advanced on forecast that US inventories will fall for the second week in a row. Analysts predict that tomorrow’s report from Energy Information Administration will show a decline by 2.2 million barrels last week following the 5.6 million drop the week before. WTI oil for delivery in January added $1.15 (1.18 percent) to $98.49 per barrel on NYMEX today. At the same time, Brent was falling, but bounced and is trading $0.08 (0.07 percent) higher at $109.47 on ICE right now.

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