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US Data Drives Gold Down, Crude Oil Up; Natural Gas Joins Rally

November 20, 2014 at 23:31 by Vladimir Vyun

Today’s economic data from the United States was fairly good, driving gold and other precious metals down. By the same token, it allowed crude oil to erase its previous losses, demonstrating an impressive rally.

US consumer prices did not change last month while analysts have expected a small drop. The manufacturing index of Philadelphia Fed climbed to the highest level since December 1993.

Crude oil also rallied on speculations that the Organization of Petroleum Exporting Countries may decide to reduce output on next week’s meeting. Natural gas joined the rally due to forecasts of cold weather in the USA as well as with the help of a bullish supply report from the Energy Information Administration.

December futures for delivery of gold slipped 0.27 percent to settle at $1,193.90 per troy ounce on COMEX today. Futures for delivery of Brent crude oil in January jumped 2.11 percent to $79.75 per barrel on ICE as of 23:20 GMT on ICE. December contract for natural gas advanced as much as 2.70 percent to $4.49 per million British thermal units on NYMEX.

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