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Analytics, News, and Forecasts for CFD Markets: raw news — 17-05-2013.
West Texas
Intermediate crude rose a third day on signals that global economic growth will
accelerate, bolstering fuel consumption.
Futures
advanced as much as 1.4 percent as the Thomson Reuters/University of
WTI oil for
June delivery rose 22 cents to $95.38 a barrel at 11:30 a.m. on the New York
Mercantile Exchange. Prices are down 0.7 percent this week. The volume of all
contracts traded was 22 percent above the 100-day average.
Brent crude
for July settlement increased 23 cents to $104.01 a barrel on the London-based
ICE Futures Europe exchange. The June contract expired at $103.80 yesterday.
Volume for all contracts was 1.3 percent lower than the 100-day average.
Gold declines seventh
consecutive session, helped by signs of weakening demand for the
precious metal. Reduction in the price of gold is almost completely
leveled his recovery after a record decline in
mid-April.
The volume of gold in exchange-traded funds holding (ETF), dropped this week to their lowest level since July 2011. Submitted on Wednesday evening, data showed that some hedge funds, including fund headed by George Soros, have reduced their stakes in gold ETF in the 1st quarter.
Investor demand for gold, which is traditionally considered to be safe haven, fell, as U.S. stocks soared to record highs, as fears about the stability of the financial system weakened.
In addition, those market participants who are buying gold as a hedge against inflation, felt that the need for holding the metal is reduced, since inflation in developed countries remains low-key, and Fed officials are discussing the possibility of folding the enabling policy of the central bank.
Report of the World Gold Council showed that global demand for gold in the 1st quarter was the lowest in three years, since a large share of the liquidation in the ETF leveled demand for jewelery, bars and coins.
The cost of the June gold futures on COMEX today dropped to 1357.60 dollars an ounce.
Change % Change Last
GOLD 1,385.30 -10.90 -0.78%
OIL (WTI) 94.99 0.69 0.73%
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