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Gold falls for a second session to mark lowest finish in over a week
Author: TammieMckenney
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Gold falls for a second session to mark lowest finish in over a week
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Crude Climbed Higher on Tighter Supply/Demand Outlook
Notwithstanding a stronger US dollar amidst heightened hopes for a Fed funds rate hike in December, crude oil gained for the first time in 5 days. The IEA projected more than -20% in oil investment this year and in 2016. The Paris-based agency also forecast that OPEC would likely change its course, restraining production so as to boost oil prices.
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Crude Climbed Higher on Tighter Supply/Demand Outlook -
Gold Tumbled as Strong Macro Data Lifted Risk Appetite
Gold slumped to a 5-week low as encouraging macroeconomic data raised expectations of a sustainable recovery, lifting risk appetite. Geopolitical tensions took a back seat as investors were less focused on the Ukrainian PM’s resignation which indicated the collapse in the coalition Government and triggered new elections in coming months. The benchmark Comex gold contract fell to as low as 1287.5 before ending the day at 1290.8, down -1.07%.
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Gold Tumbled as Strong Macro Data Lifted Risk Appetite