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Gold Retains Gains, Energy Market Not So Lucky

February 26, 2015 at 22:04 by Vladimir Vyun

Gold remained in the positive territory at the end of Thursday’s trading session after rising earlier today. It was a bit surprising as the US dollar was strong, and this usually means weaker prices for precious metals, yet it was not the case today. April gold was up 0.63 percent to $1,209.10 per ounce as of 21:52 GMT on COMEX today.

The energy market was not as resilient as prices for crude oil dropped after the greenback advanced. Brent crude erased its previous gains while the slump of the WTI grade increased even more. Oil almost erased its February gains. April futures for WTI crude oil sank as much as 4 percent to $48.95 per barrel on NYMEX. Brent crude lost 1.90 percent to $60.46 per barrel on ICE.

Futures for natural gas declined as well after the release of the storage data from the Energy Information Administration. While the report showed a drop of 219 billion cubic feet, the decline was not as big as 241 billion predicted by analysts. Forecasts of warmer weather in the United States were not helping the commodity either. April contract for delivery of natural gas went down 0.28 percent to $2.89 per million British thermal units on NYMEX.

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