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Analytics, News, and Forecasts for CFD Markets: raw news — 20-08-2012.
Crude oil futures fell from a three-month high due to the fact that European leaders discussed ways to address the debt crisis in the region.
Value declined after Germany's Bundesbank Board expressed dissatisfaction about the plan of the European Central Bank started to potentially "unlimited" purchases of government bonds. In connection with this situation, European leaders are planning this week to visit with the diplomatic visit troubled countries that help them solve the debt crisis.
Also today it was announced that in June, oil production in Saudi Arabia increased by 3% to 10.1 million barrels per day, beating with Russia, which produces 9.9 million barrels per day.
During the day, the price of oil had little attention to U.S. data, which showed that the index of economic activity from the Federal Reserve Bank of Chicago in July improved to -0.13 from -0.34.
September futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 95.71 per barrel.
September futures price of North Sea Brent crude oil mix is now $ 114.12 a barrel on the ICE Futures Europe Exchange.
Today, gold prices resumed their decline, which began last week, amid unusually weak demand from China and India, which are the two largest consumers of gold.
Also to reduce the cost impact comments Bundesbank of Germany, who was critical by referring to a proposal that the European Central Bank should buy government bonds to quell the debt crisis in the region. Also today, there were rumors that the ECB's Governing Council is considering installing a limited return on bonds Euroregion, which were later disproved.
According to the World Gold Council show that Chinese demand fell by 7.1% compared to last year, and by 10% in the first quarter of this year. Demand in India, meanwhile, fell by 13.2% in the first quarter, showing a decline of 38% compared to last year.
However, the research team expects that Chinese demand will soon recover thanks largely to renewed escalation of the eurozone crisis, which will act as a safe haven for the gold. The report predicts that gold prices will increase from the current $ 1,620 per ounce to $ 2,000 by year end.
However, despite the decline throughout the day, gold prices have risen sharply in the last hour of trading and updated maximum session.
September futures price of gold on the COMEX is now 1618.6 dollars per ounce.
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