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Precious Metals Maintain Weakness, Crude Oil Gains Strength

November 21, 2013 at 22:07 by Vladimir Vyun

Concerns about potential quantitative easing tampering by the Federal Reserve continued to hurt precious metals after a short relief rally. The Fed revealed in its latest monetary policy minutes that policy makers had been talking about reducing the size of asset purchases. Traders were not willing to buy metals under threat of QE reduction.

At the same time, crude oil advanced with the help from some positive reports from the United States. US retail sales grew 0.4 percent in the previous month, exceeding forecasts. Unemployment claims declined from 344,000 to 323,000 in the previous week. Signs of economic growth improve prospects for fuel demand.

December futures for delivery of gold lost as much as $15.9 (1.26 percent) to $1,242.1 per troy ounce as of 22:01 GMT on COMEX today. Silver was down $0.11 (0.56 percent) to $19.99 per ounce. January contract for WTI crude oil added $1.36 (1.45 percent) to $95.21 per barrel on NYMEX. Brent grade of crude jumped $2.08 (1.92 percent) to $110.14 per ICE.

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