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Gold & Silver Gain on Safe Haven Demand, Oil Turns Upward

July 10, 2014 at 22:05 by Vladimir Vyun

Gold and silver rallied today thanks to safe-haven demand as investors were fleeing risky assets after concerns about the European banking system reemerged. Shares of Portugal’s Banco Espirito Santo plunged after its parent company failed to repay its debt obligations. While some analysts argue that it is a problem of the particular banking group, not necessarily the whole banking system, most market participants received that news poorly and started to seek safety, and precious metals are a good option for such need. August futures for delivery of gold climbed 0.90 percent to $1,336.20 per troy ounce as of 21:39 GMT on COMEX today. September silver soared as much as 1.81 percent to $21.45 per ounce.

Crude oil gained today, following yesterday’s huge slump, on speculations that economic growth in the United States will support steady demand. While there were talks about potential downside risks for growth, the general consensus is that the United States are firmly on track to recovery. Prices for oil were falling previously on speculations that geopolitical tensions in Iraq and Ukraine will not affect supply. August futures for delivery of WTI crude rose 0.60 percent to $102.90 per barrel on NYMEX today. Brent grade of crude oil added 0.30 percent to $108.61 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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