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Natural Gas Bounces After Drop, Gold Trims Gains

July 27, 2015 at 17:20 by Vladimir Vyun

Futures for natural gas bounced today after touching the lowest level in two weeks earlier. Traders were attracted to the commodity due to the low prices as well as forecast that promised above-norm temperatures in the most part of the United States next week. Natural gas for delivery in August climbed 0.72 percent to $2.8 per million British thermal units as of 19:09 GMT on NYMEX today.

Meanwhile, gold trimmed its initial gains during the current trading session after the release of positive economic data from the United States. The report showed that US durable goods orders grew 3.4 percent in June, above expectations. The core part of the indicators advanced 0.8 percent, two times the forecast increase. Essentially, every positive macroeconomic report from the USA increases chances for monetary tightening from the Federal Reserve soon and therefore is detrimental to gold. December contract for delivery of gold was up $1,095.8 per troy ounce as of 17:16 GMT on COMEX today, but retreated from the session high of $1,104.9.

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