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Growing Economies of China & US Bolster Gold & Oil

June 14, 2011 at 22:22 by Vladimir Vyun

Crude oil rebounded today as the economic data from the US and the rally of equities caused speculation that demand will increase because of improving economy. The improving prospects for the global growth also helped gold as faster growth can lead to increasing inflation.

The US retail sales decreased less than predicted, while PPI rose above forecast last month. China’s industrial production and consumer price index grew. The Standard & Poor’s 500 Index and the MSCI All-Country World Index gained.

July futures for crude oil delivery rose as much as $2.07 to $99.37 per barrel on NYMEX. July Brent oil advanced$1.06 (0.9 percent) to $120.16 per barrel on ICE. August futures for gold delivery climbed $8.80 (0.6 percent) to $1,524.40 by 13:55 on COMEX.

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