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Gold Retreats After Short-Lived Rally, Oil Declines on Iran

October 15, 2013 at 4:27 by Vladimir Vyun

Gold rose yesterday as US politicians were not able to reach an agreement about raising the debt ceiling, but fell today on signs that a deal will be reached soon. The metal may yet rebound as the deadline at October 17 is nearing. By the same token, price may go even lower in case a solution (even temporary) for averting crisis is announced. December futures for delivery of gold slipped $4.2 (0.33 percent) to $1,272.4 per troy ounce as of 4:06 GMT on COMEX today. Yesterday, prices were up 0.7 percent.

Crude oil fell too on speculations that negotiations about the Iranian nuclear program will result in easing of sanctions that reduced oil supply. Diplomats from Iran meet with representatives from China, France, Germany, Russia, the United Kingdom and the United States today. Should the talks end favorably, Iranian output will add to supply from other countries that is already increasing. November futures for delivery of WTI crude oil slid $0.15 (0.15 percent) to $102.26 per barrel on NYMEX today. Brent grade of crude dropped $0.1 (0.09 percent) to $110.94 per barrel on ICE.

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