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1 May 2013
Commodities Brief: Gold and oil suffer amid risk aversion
FXstreet.com (Córdoba) - Commodities came under pressure during the New York session, with oil extending losses into a second day, after the US ADP employment report and the ISM manufacturing figures came in worse-than-expected, triggering risk aversion across the board.
The yellow metal fell to a fresh weekly low of $1441 an ounce also weighed by disappointing Chinese manufacturing data. Gold for June delivery is currently trading around $1443 an ounce, down 1.9% on the day.
Crude oil also suffered in the wake of a sharp increase in US inventories. Crude for June delivery dropped over 3% and hit a low of $90.25/bbl, its weakest in a week. Brent also slumped and scored a low of $99.01 a barrel.
The yellow metal fell to a fresh weekly low of $1441 an ounce also weighed by disappointing Chinese manufacturing data. Gold for June delivery is currently trading around $1443 an ounce, down 1.9% on the day.
Crude oil also suffered in the wake of a sharp increase in US inventories. Crude for June delivery dropped over 3% and hit a low of $90.25/bbl, its weakest in a week. Brent also slumped and scored a low of $99.01 a barrel.