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Metals Rally After Fed Announcement, Crude Oil Doesn’t Join

September 17, 2015 at 22:28 by Vladimir Vyun

Metals climbed today following the dovish policy statement from the Federal Reserve. The Fed did not hike interest rates, and comments of US policy makers were dovish enough for traders to speculate that the central bank would postpone monetary tightening till the next year. Markets basically ignored claims of Fed Chair Janet Yellen that a rate increase is still possible this year. The news hit the dollar hard, helping raw materials priced in the US currency. Gold for delivery of December climbed from $1,119.00 to settle at $1,130.60 per troy ounce on COMEX during the Thursday’s trading session. Contract for silver gained from $14.89 to $15.12 per ounce. Copper went up from $2.4520 to $2.4645 per pound.

Crude oil did not join the rally. The drop followed yesterday’s rally after the release of US supply data. The report showed that US reserves of crude shrank unexpectedly by 2.1 million barrels last week. October futures for delivery of WTI crude oil declined 0.53 percent to $46.90 per barrel as of 22:23 GMT on NYMEX today. Contract for delivery of Brent crude in November slipped 0.80 percent to $49.35 per barrel on ICE.

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