Commodities pulled back in European session ahead of US employment report. Recent rallies have also spurred profit-taking. The front-month contract for WTI crude oil price surged to a 2-year high of 87.22 before easing to 86.4. Its outlook remains firm as demand should recover as the US resumed growth. Gold price rose to as high as 1394.4, a few steps below psychological level of 1400, before retreating to 1383. Others in the precious metal complex also pulled back modestly but stayed elevated in multi-year highs.
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Commodities Retreat after Rallies
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