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Commodities Reverse Movement on Friday

Summary:
Commodities reversed their previous moves during the Friday’s trading session. Gold and silver declined after earlier gains, while crude oil rallied following the previous decline. The metals fell after US macroeconomic data came out rather positive, boosting the US dollar and reducing demand for safer assets. Meanwhile, crude gained on the report that US drillers reduced number of oil rigs. Baker Hughes reported that the oil rig count decreased by 1 to 788 this week. Contract for delivery of gold in August edged down a little by 0.07% to ,342.70 per troy ounce as of 18:06 GMT on COMEX today. Silver for delivery in July dropped 0.75% to .78 per ounce. Copper was an exception as it maintained its losses, logging a 1.07% decline to trade at .6280 per pound. July futures for delivery

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Commodities reversed their previous moves during the Friday’s trading session. Gold and silver declined after earlier gains, while crude oil rallied following the previous decline. The metals fell after US macroeconomic data came out rather positive, boosting the US dollar and reducing demand for safer assets. Meanwhile, crude gained on the report that US drillers reduced number of oil rigs. Baker Hughes reported that the oil rig count decreased by 1 to 788 this week.

Contract for delivery of gold in August edged down a little by 0.07% to $1,342.70 per troy ounce as of 18:06 GMT on COMEX today. Silver for delivery in July dropped 0.75% to $14.78 per ounce. Copper was an exception as it maintained its losses, logging a 1.07% decline to trade at $2.6280 per pound. July futures for delivery of WTI crude oil advanced 0.57% to $52.58 per barrel on NYMEX. August Brent crude jumped as much as 1.16% to $62.02 per barrel on ICE.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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