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Gold Trades Lower Ahead of NFP, Oil Loses Value on Supply

July 3, 2014 at 5:48 by Vladimir Vyun

Gold fell today on speculations that US nonfarm payrolls will show strong growth, reducing demand for the metal as a safe haven. Yesterday, a private report demonstrated employment growth of 281,000 in June, which was far above analysts’ expectations of 207,000. The data bolstered the dollar, putting pressure on commodities priced in the US currency. August futures dropped from 0.57 percent to $1,323.30 per troy ounce as of 5:40 GMT on COMEX.

Crude oil declined on signs that supply from Libya should increase. The government retook two major ports from rebels, allowing the country to expand its exports. Oil also continued to fall on talks that the conflict in Iraq will not touch oil-producing regions. Contract for delivery of WTI crude oil lost 0.38 percent $104.08 per barrel on NYMEX. August Brent crude declined 0.17 percent to $111.05 per barrel on ICE.

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