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Weaker Dollar Boosts Oil, Gold & Silver

October 28, 2010 at 21:47 by Vladimir Vyun

Crude oil gained today on forecast the Federal Reserve will expand buying of government debt, weakening the dollar. A weaker dollar increases appeal of commodities. Unemployment claims in the US unexpectedly dropped from 455,000 to 434,000 last week. December delivery for crude oil gained $0.24 to $82.18 per barrel on NYMEX.

A weaker dollar also bolstered precious metals, including gold and silver. The dollar slipped as much as 1.3 percent versus the basket of six major currencies. December futures for gold delivery went up $19.90 (1.5 percent) to $1,342.50 per ounce by 13:59 on COMEX. December futures for silver delivery added $0.471 (2 percent) to $23.875 per ounce.

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

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