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Gold Keeps Rising, Crude Gains on News from Yemen

March 25, 2015 at 22:34 by Vladimir Vyun

The poor performance of the US dollar continues to support commodities, including gold. The greenback dropped further on Wednesday as US durable goods orders fell 1.4 percent last month, frustrating market participants who have counted on a small increase. The wave of poor economic reports from the United States led to speculations that the Federal Reserve will likely hike interest rates no sooner than September or perhaps even later. Such talks are very positive for the precious metal. June futures for delivery of gold ticked up 0.27 percent to $1,194.60 per troy ounce as of 21:52 GMT on COMEX today.

Crude oil also received support from the underperforming US currency, demonstrating massive gains today. Additionally, prices rose on the news about fighting in Yemen that led to worries about supply from the Middle East. The region is the major source of oil, meaning that geopolitical tensions in the area often lead to spike in prices. Futures for delivery of WTI crude oil in May gained 3.07 percent to $48.97 per barrel as of 21:58 GMT on NYMEX today. Contract for Brent crude advanced 2.29 percent to $56.37 per barrel on ICE.

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