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Market update - Gold and Oil

Market update - Gold and Oil

Gold prices dropped on Thursday as the dollar remained near a three-week high. U.S. Federal Reserve Chairman Jerome Powell’s comments this week implied increasing interest rates and continued to put pressure on the precious metal prices. The fall in gold prices came as the dollar held firm against its peers following bullish comments from Powell. Strengthening economic growth and a confident Fed is helping to support the dollar. Higher short-term interest rates make the dollar more attractive relatively to other currencies.

 

Oil prices fell on Thursday after data from the Energy Information Administration (EIA) showed an unexpected build in U.S. crude stockpiles amid a surge in imports. The unexpected build in crude supplies came as imports rose by 1.635 million barrels a day (bpd) and output rose to a record 11 million bpd. The United States has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.

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