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Indian Gold Import Climbs, US Oil Reserves Drop

July 16, 2014 at 22:03 by Vladimir Vyun

Gold rallied today as imports in India jumped 65 percent last month after the Reserve Bank of India allowed more companies to import gold. The Indian government raised gold import taxes three times last year in an attempt to liming purchases of the precious metals. Such measures allowed to reduce the nation’s current-account deficit. Prices for bullion sharply dropped during the previous two sessions on speculations that the US Federal Reserve is going to lift interest rates in not-so-distant future. August futures for gold rallied 0.18 percent to $1,299.40 per troy ounce as of 21:49 GMT on COMEX today.

Futures for West Texas Intermediate crude oil gained today as US stockpiles declined. Brent crude fell. According to the report of the Energy Information Administration, US oil inventories shrank by 7.5 million to 375.0 million barrels last week. Cushing reserves dropped by 650,000 barrels to 20.3 million, the lowest level since November 2008. August futures for delivery of WTI crude oil jumped as much as 1.56 percent to $101.52 per barrel on NYMEX today. Contract for Brent crude lost 0.16 percent to 105.85 per barrel on ICE.

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