Crude Retreats amid Demand Concerns. Gold Firm Despite Temporarily Ease in Default Concerns

Trading remained thin in European session as investors await the FOMC meeting. WTI crude oil price fell to 74.3 after yesterday's rally amid expectations that a weak US recovery would dampen demand outlook. Gold stayed firm at around 1280 despite rally in peripheral European bonds after auctions, suggesting underlying strength in the precious metal.

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Crude Retreats amid Demand Concerns. Gold Firm Despite Temporarily Ease in Default Concerns