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Gold Takes Respite Ahead of Fed Meeting, Oil Trims Losses

March 16, 2015 at 11:10 by Vladimir Vyun

Gold futures rose during the European trading session today as the dollar paused its rally. The outlook remains negative for the precious metal as it is likely to be just a short-covering rally in the bear market. The Federal Reserve will conduct its policy meeting on Wednesday, and market participants anticipate signs of an early interest rate hike, a very negative prospect for gold. Contract for delivery of bullion in April went up 0.39 percent to $1,156.90 per troy ounce as of 10:56 GMT on COMEX today.

Meanwhile, prices for crude oil trimmed losses, but the commodity was not able to rally. The outlook for oil remains negative too, especially after the mostly bearish report from the International Energy Agency. Futures for the West Texas Intermediate grade dropped to the lowest level in six years earlier during the current session. April WTI crude was down 0.47 percent at $44.63 per barrel on NYMEX today after reaching the low of $44.41 intraday. Brent grade lost 0.27 percent to $54.52 per barrel on ICE.

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