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Gold Rises, Crude Oil Falls amid Recession Fears

March 25, 2019 at 13:04 by Vladimir Vyun

Friday’s poor data in the eurozone, and the report about the German manufacturing sector in particular, led to fears of another global economic recession. That bolstered the US dollar, which in turn hurt dollar-priced commodities like crude oil. Gold avoided losses thanks to safe haven bid. Surprisingly, other metals gained as well (with the exception of palladium), even usually risk-sensitive copper. The possible explanation for that can be the fact that fears receded somewhat after positive data released in Germany on Monday, which weakened the greenback a bit, but that cannot explain why crude was not able to recover then.

Futures for delivery of gold in June gained 0.43% to $1,324.4 per troy ounce as of 12:26 GMT on COMEX today. May contract for silver advanced 0.93% to $15.55 per ounce. Spot prices for platinum rose 0.96% to $851.99 per ounce, while palladium declined 0.38% to $1,547.59 per ounce. Copper added 0.3% to $2.851 per pound.

At the same time, WTI crude oil for delivery in May dropped 0.29% to $58.87 per barrel on NYMEX. Brent crude went down 0.31% to $66.82 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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