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Weaker Dollar Makes Prices Gold, Silver & Oil More Go Higher

April 8, 2011 at 21:33 by Vladimir Vyun

Gold continued to post new records and silver jumped above $40 level as the dollar weakened. The US currency weakened after the policy makers in Congress weren’t able to reach agreement about the federal budget. The greenback also declined as the rally of commodities decreased demand for the currency as a safe haven. The Thomson Reuters/Jefferies CRB Index of 19 commodities climbed to the highest level since September 2008. June futures for gold delivery gained $16.60 (1.1 percent) to $1,475.90 by 16:37 on COMEX. May futures for silver delivery rose $1.056 (2.7 percent) to $40.608. Gold advanced 3.2 percent and silver climbed 7.6 percent over this week.

Crude oil gained today, rising above $112, on the speculation that an end of the conflict in Libya wouldn’t be enough for supplies from the country to recover. Specialists say that it’s impossible for oil production to recover in the near future after the Libyan oilfield was bombarded and prices may surge above $130. The weaker dollar also helped oil to rise. May futures for coil delivery went up $2.49 to $112.79 per barrel on NYMEX, the highest price since September 22, 2008.

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

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