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Gold, Silver & Natural Gas Demonstrate Gains on Thursday

August 20, 2015 at 21:40 by Vladimir Vyun

Gold and silver surged more than 2 percent (and other metals joined the parade) today as the dollar continued to demonstrate weakness following yesterday’s release of policy minutes from the Federal Reserve. Markets considered the Fed’s tone to be dovish, prompting speculators to reduce bets on a September interest rate hike. The US currency suffered as result, and this was beneficial for the metal market. Futures for delivery of gold in December climbed 2.12 percent to $1,151.80 per troy ounce as of 21:31 GMT on COMEX today. Contract for silver jumped as much as 2.28 percent to $15.53 per ounce.

Futures for natural gas also rallied as US reserves grew less than experts had anticipated. The US Energy Information Administration reported that stockpiles of gas expanded by 53 billion cubic feet last week, compared to the median forecast of 60 billion and the previous week’s buildup of 65 billion. It is important to remember that as summer draws to a close, so the supporting seasonal demand for gas in air conditioning falls. This may put pressure on the commodity in the near future. September natural gas leaped 1.51 percent to $2.76 per million British thermal units on NYMEX today.

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

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