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Gold & Silver Rally as Dollar Goes Down, Crude Gains on Supply Report

July 12, 2017 at 21:25 by Vladimir Vyun

Gold and silver rallied today as the US dollar weakened. Federal Reserve Chairwoman Janet Yellen testified today, and markets considered her testimony to be dovish. That hurt the outlook for additional monetary tightening this year, thus damaging the greenback and helping commodities priced in the US currency. Futures for delivery of gold in August advanced 0.39% to $1,219.4 per troy ounce as of 20:57 GMT on COMEX today. September contract for silver climbed 0.95% to $15.9 per ounce.

Crude oil also got support from the falling dollar, but also from a bullish supply report. The Energy Information Administration reported that US inventories of crude declined by as much as 7.6 million barrel last week. That was a bigger decrease than 3.2 million predicted by experts and the biggest draw since September. August contract for WTI crude oil gained 0.91% to $45.45 per barrel on NYMEX today. September Brent crude added 0.34% to its value to trade at $47.68 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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