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Situation in Iraq Boosts Prices for Gold & Crude Oil

June 13, 2014 at 21:20 by Vladimir Vyun

Gold rallied today as investors were seeking safer assets in fear of the escalating conflict in Iraq. The government forces failed to prevent Islamist fighters to seize two northeastern towns after they have captured Mosul, the second biggest city in Iraq. Gold tends to gain in times of geopolitical tensions.

Oil also continued to rise due to the situation in Iraq. While today’s gains were nowhere as big as the yesterday’s ones, crude still retains its strong bullish momentum. Unless the situation is resolved, prices will likely continue to rise.

August futures for delivery of gold rose $4 (0.31 percent) to $1,278 per troy ounce on COMEX today. July futures for crude gained $0.25 (0.23 percent) to $106.78 per barrel on NYMEX. Brent crude advanced $0.39 (0.35 percent) to $113.41 percent on ICE.

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