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Metals Gain Despite Strong Dollar, Crude Oil Retreats from Year’s Highs

February 19, 2019 at 15:29 by Vladimir Vyun

Gold and other metals were demonstrating surprisingly good performance today even as the US dollar was relatively strong. Usually, commodities priced in the US currency weaken when the greenback rises. Today, the dollar was among the strongest currencies on the Forex market, though it has backed off against some of its rivals by now, while keeping gains versus riskier currencies linked to commodities. Traders wait for news about high-level trade negotiations between the United States and China that have started in Washington today. Contract for delivery of gold in April gained 1.15% to $1,337.3 per troy ounce as of 15:12 GMT on COMEX today. March futures for silver advanced 0.43% to $15.81 per ounce. Copper for delivery in May jumped as much as 1.19% to $2.837 per pound.

Meanwhile, crude oil declined, though remained close to this year’s highs. Iran’s oil exports rose despite US sanctions as the United States gave waivers to several customers. That put more pressure on Saudi Arabia and its allies to cut production if they want to support prices. Indeed, Saudi Arabia started to reduce exports in response to the increase of Iranian supply. Meanwhile, the Kremlin said that Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz Al Saud voiced support for continued coordination between their countries on global energy markets. Contract for delivery of WTI crude oil in March declined 0.32% to $55.41 per barrel on NYMEX today. April Brent crude dropped 1.2% to $65.7 per barrel on ICE.

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