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Gold Trades Close to $1,300, Natural Gas Bounces After Drop

January 21, 2015 at 0:09 by Vladimir Vyun

Gold futures held steady at the early trading following the big rally during the previous trading session. Concerns about global growth reinvigorated demand for the precious metals as a safe haven. As a result, prices demonstrated the biggest rally in 11 month, jumping to the highest level since August. February contract for gold ticked down 0.02 percent to $1,293.90 per troy ounce as of 23:47 GMT on COMEX today after climbing 1.4 percent and hitting the high of $1,297.20 yesterday.

Prices for natural gas bounced today following the huge drop during yesterday’s session. Futures tumbled more than 7 percent yesterday as forecasters predicted that temperatures will be above norm over the next five days in the United States. Gas is used in heating, meaning that warm weather reduces demand for the commodity. Today, futures for natural gas climbed 1.91 percent to $2.89 per million British thermal units on NYMEX.

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