Both gold and oil were notably strong today....

verfasst von YIHI, 19.05.2001, 16:03

Both gold and oil were notably strong today. The June contract on gold rose $13.80 (5.0%) to $287.80. This morning, Briefing.com noted the Bank of England had reduced the size of its gold auction to 20 tonnes this Tuesday from 25 tonnes at the prior 11 auctions. There is speculation now the BOE might further reduce or eliminate the sale of its reserves altogether. Gold-related equities spiked behind strength in the commodity with the XAU posting a 4.1% gain on the day... Separately, oil was also strong with the June contract on crude edging its way towards $30 per barrel. The contract closed at $29.91 which was higher by $1.00 or 3.5% for the session. Contributing to the rise in price was indecision regarding a production cut at a European refiner.


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• Both gold and oil were notably strong today.... - YIHI, 19.05.2001, 16:03