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Gold & Silver Gain After Fed Minutes, Oil Doesn’t Join Rally

August 20, 2015 at 2:05 by Vladimir Vyun

Gold and silver gained today following yesterday’s news from the United States. Firstly, US inflation slowed in July more than most economists had expected. Secondly, the Federal Reserve policy minutes were considered rather dovish by markets, reducing bets on a September monetary firming. This hurt the dollar, consequently helping the precious metals. December futures for delivery of gold gained 0.51 percent to $1,133.70 per troy ounce as of 1:56 GMT on COMEX today. Contract for silver advanced 0.9 percent to $15.32 per ounce.

Crude oil was unable to join the rally due to the unexpected buildup of US inventories. The US Energy Information Administration reported that the stockpiles increased by 2.6 million barrels last week, standing at the record level for this time of year, whereas experts had predicted a drop by 0.6 million. The report added to the already strong concerns about the oversupply on the market. September futures for WTI crude oil declined 0.37 percent to $40.65 per barrel on NYMEX today. October contract for Brent crude was down 0.36 percent to $46.99 per barrel on ICE.

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