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Gold Touches $1,800, Declining Inventories Boost Crude

August 10, 2011 at 17:50 by Vladimir Vyun

Gold rallied today above $1,800 as global stocks slumped amid concerns about the economies of Europe and the United States. The MSCI World Index of shares plunged to the lowest level since September. December futures for delivery of gold jumped as much as $43.80 (2.5 percent) to $1,786.80 by 12:34 on COMEX. The metal reached the record $1,801 intraday.

Crude oil rose today despite the nervousness on markets after the US stockpiles unexpectedly declined. The inventories slipped by 5.2 million barrels from the previous week, while an increase by 1.7 million barrels was anticipated. Crude also advanced after the Federal Reserve pledged to bolster the US economy. September futures for delivery of crude oil advanced $1.88 (2.4 percent) to $81.18 per barrel as of 10:35 on NYMEX.

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