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Gold, Silver, Crude Oil Rise As US Dollar Weakens

August 8, 2018 at 10:31 by Vladimir Vyun

Commodities priced in the US dollar traded generally higher today thanks to the weakness of the greenback. Among them were gold, silver, and crude oil. Dollar-denominated assets become more attractive when the US currency weakens as that allows to buy them cheaper.

Crude oil also gained as markets were waiting for official supply data, anticipating it to show a drawdown from US crude oil inventories. Analysts predicted that today’s report from the Energy Information Administration will show a decrease of US oil reserves by 2.8 million barrels. Data released earlier by the American Petroleum Institute revealed that stockpiles shrank by as much as 6.02 million. If the official report matches that number, crude should rally even higher. The outlook for smaller US reserves allowed oil to ignore China’s trade data that showed that nation’s imports of crude in July were the third lowest this year.

Futures for delivery of gold in December rose 0.14% to $1,220 per troy ounce as of 10:15 GMT on COMEX today. Silver for delivery in September edged up 0.08% to $15.39 per ounce. Contract for WTI crude oil rallied 0.25% to $69.34 per barrel on NYMEX. October futures for Brent crude advanced 0.21% to $74.81 per barrel on ICE.

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

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