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Gold & Oil Gains in Early Thursday’s Session

January 8, 2015 at 3:30 by Vladimir Vyun

Gold rallied today as the minutes of the latest Federal Reserve meeting showed that policy makers are not in a hurry to raise interest rates. The notes said:

Most participants agreed that it would be useful to state that the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.

Still, it is expected that the Fed will start raising borrowing costs this year, and Wednesday’s positive US economic reports supported such view. The outlook for close monetary tightening will likely continue to limit bullion’s ability to rally. February contract for gold ticked up 0.07 percent to $1,211.60 per troy ounce as of 3:13 GMT on COMEX today.

Crude oil jumped today after an official report that showed an unexpected drop of US stockpiles. The Energy Information Administration reported that US inventories dropped by 3.1 million to 382.4 million barrels last week. Specialists predicted an increase by 0.9 million. February contract for WTI crude oil climbed 1.21 percent to $49.24 per barrel on NYMEX. Brent crude gained 0.80 percent to $51.56 per barrel on ICE.

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

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