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Gold & Natural Gas Rally, Aluminum Near Six-Week Low

June 22, 2017 at 18:14 by Vladimir Vyun

Gold rose today after reaching the lowest level in more than a month yesterday. The metal bounced amid speculations that the Federal Reserve will not be able to fulfill its plan to perform three interest rate hikes in total this year as the US economy is not ready. Bullion for delivery in August rose 0.31% to $1,249.7 per troy ounce as of 17:58 GMT on COMEX today.

Aluminum traded near the lowest level in six weeks during Thursday’s trading on concerns about rising supply from China. The Asian country is the world’s biggest producer of the metal, and it exported 460,000 metric tons of aluminum and aluminum products in May, up from 430,000 tons in April. The metal settled 0.2% higher at $1,870 per ton on LME today, but it was still close to the Wednesday’s low of $1,866, which was lowest since May 11.

Natural gas rallied today but trimmed its gains after the release of a bearish supply report from the Energy Information Administration. The EIA reported that US inventories rose by 61 billion cubic feet — more than was predicted by experts (55 billion). July futures for natural gas edged up 0.31% to $2.9 per million British thermal units on NYMEX today.

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

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