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Gold & WTI Crude Oil Start Wednesday with Gains

September 24, 2014 at 6:52 by Vladimir Vyun

Gold rallied yesterday and was able to maintain its gain today. There were a couple of reasons for the rally. Firstly, the United States together with some Arab countries attacked Syria, resulting in risk aversion on markets and increasing demand for precious metals as a safe haven. Secondly, the dollar halted its rally, easing pressure on commodities priced in the US currency. December futures for gold rose 0.14 percent to $1,223.70 per troy ounce as of 6:40 GMT on COMEX today.

The West Texas Intermediate grade of crude oil gained too, boosted by a report from American Petroleum Institute that demonstrated a decline of US inventories. Positive manufacturing data from China also helped crude prices. At the same time, the Brent grade of oil posted losses. November futures for delivery of WTI crude oil gained 0.15 percent to $91.70 per barrel on NYMEX. Brent crude lost 0.12 percent to $96.73 per barrel on ICE.

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