Commodity Blog

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Market Sentiment Improves — Gold Falls, Oil Rallies

July 16, 2015 at 10:26 by Vladimir Vyun

The market sentiment improved today, sending gold down and bringing crude oil up. News from Greece lifted the traders’ mood as the Greek parliament voted in favor of austerity measures required to get a bailout from the European Union.

It is early to be overly optimistic as other European countries should approve the third round of financial aid. Furthermore, the International Monetary Fund suggested that the aid package is not enough to keep the Greek economy afloat without big debt haircuts.

Yet for now, market participants feel themselves optimistic, and that optimism drives the market.

August contract for delivery of gold declined 0.28 percent to $1,144.20 per troy ounce as of 10:23 GMT on COMEX today. Meanwhile, contract for Brent crude rallied 1.21 percent to $52.03 per barrel on NYMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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