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US Attack on Syria Rattles Commodity Markets

April 7, 2017 at 11:28 by Vladimir Vyun

Gold rallied today after US President Donald Trump ordered military strike on Syrian airbase. The attack will likely strain US relationships with Russia and China as they support Syria. Market participants considered it to be a definitely risk-off event, and gold tends to thrive in times of risk aversion. Bullion for delivery in June climbed 1.06% to $1,266.6 per troy ounce as of 10:40 GMT on COMEX today. may contract for silver gained 0.95% to $18.42 per ounce.

Futures for crude oil rallied as well, as they tend to do during conflicts in Middle East. Analysts say that the rally should be short-lived unless the conflict escalates as Syria is not a major oil producer. And with US supplies near record high, prices are likely to retreat. May futures for delivery of WTI crude oil jumped as much as 1.12% to $52.28 per barrel on NYMEX today. Brent crude for delivery in June rose 0.91% to $55.39 per barrel.

If you have any questions and comments on the commodities today, use the form below to reply.

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