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Gold & Oil Rise on Back of Dollar’s Weakness

April 11, 2016 at 20:44 by Vladimir Vyun

Gold rallied today thanks to the weakness of the US dollar. Market participants are now thinking that the Federal Reserve will be raising interest rates slower than it has been previously considered. Such way of thinking makes the greenback weaker and thus helps commodities priced in the US currency. Contract for delivery of gold in June climbed 1.13% to $1,257.8 per troy ounce as of 20:13 GMT on COMEX. March silver jumped as much as 3.68% per ounce.

The dollar’s softness also helped crude oil to rebound from the earlier losses. Crude also gained on signs of lower supply from the United States and hopes that the meeting of major oil-producing countries on April 17 will result in some agreement that would bolster oil prices. May futures for delivery of WTI crude oil rose 1.74% to $40.41 per barrel on NYMEX. Brent crude for delivery in June advanced 2.17% to $42.85 per barrel on ICE.

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