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Gold Retains Bullish Momentum, Natural Gas Falters

March 12, 2014 at 4:29 by Vladimir Vyun

Gold extended its rally today as China and Ukraine continued to fuel demand for safe assets. Concerns about slowing economic growth in China were hurting industrial metals but they were beneficial for precious metals at the same time. Tensions between Russia and Ukraine grow as Crimea is preparing for a referendum that may result in splitting of the region from Ukraine. For now, the bullish forecast for gold looks correct. Contract for delivery of bullion in April added $10.7 (0.79 percent) to $1,357.4 per troy ounce as of 4:21 GMT on COMEX today.

Meanwhile, natural gas was little changed today after yesterday’s drop that was caused by weather forecasts. Forecasters predict that temperatures will be below average next week but should return to norm by the end of the month. The predictions drove natural gas down but prices may yet rebound as US heating fuel inventories are at the lowest level in 10 years. April futures for delivery of natural gas fell 0.046 to settle at $4.605 per million British thermal units on NYMEX yesterday and remained near this level today.

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