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Gold & Oil Start Session with Losses

November 27, 2014 at 4:42 by Vladimir Vyun

Gold fell a little today during the current trading session. The drop was limited as the metal was supported by yesterday’s data from the United States. The majority of US economic reports were bad, driving the dollar down. Bullion usually trades inversely to the US currency. February contract for delivery of gold inched down 0.48 percent to $1,191.70 per troy ounce as of 4:38 GMT on COMEX today.

Crude oil dipped today, driven down by poor US indicators as well as by the increase of US inventories that was bigger than analysts have expected. Crude also fell ahead of today’s meeting of the Organization of Petroleum Exporting Countries. Specialists argue that the OPEC may refrain from cutting output to support prices. January contract for WTI crude oil slipped 1.25 percent to $72.77 per barrel on NYMEX. Futures for Brent crude lost as much as 1.48 percent to $76.60 per barrel on ICE.

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