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Gold Reverses Losses, Silver Gains, Crude Oil Declines

March 1, 2018 at 21:59 by Vladimir Vyun

Gold was falling today but trimmed losses after US President Donald Trump announced tariffs on steel and aluminum imports. The resulting risk aversion made the metal more attractive as a safe haven. Futures for delivery of gold in April traded little changed at $1,317.3 per troy ounce as of 21:46 GMT on COMEX today. May contract for silver rose 0.57% to $16.5 per ounce.

Crude oil fell today amid persisting concerns about rising US supply. The announcement of tariffs had mixed impact on the commodity. On one hand, crude, as well as most other commodities, tend to respond negatively to risk aversion. On the other, the drop of the US dollar that followed the announcement was helpful to dollar-denominated raw materials. April contract for delivery of WTI crude oil dropped 0.52% to $61.32 per barrel on NYMEX today. Brent grade for delivery in May declined 0.85% to $64.18 per barrel on ICE.

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