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Wednesday 8 August 2018

A new drop for precious metals and oil

Noble metals and oil dropped today after the US dollar rises again. Gold again returned at a trading rate of $1,210, and we can see a psychological limit test of $1,200 per ounce.
The silver is traded at levels of $15.30 per ounce, or close to the lowest levels for the last one year. Platinum is exchanged at 825 dollars per ounce.
Meanwhile, the price of oil fell somewhat after its strong rise at the start of the week. Data released indicated a reduction in oil and petroleum stocks in the United States, in enforced sanctions against Iran.
US crude oil fell by nearly 30 cents to $69 a barrel, and the Brent to $73.80 a barrel.
We can recall that the Brent came back at trading levels above $74 a barrel after US sanctions against Iran came into force yesterday. It is expected Iran's production to cut by about 1 million barrels, from its current level to nearly 3 million barrels.


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