Oil And Gold Update: Oil Down Again Gold Gains
ICM Brokers | Dec 19, 2014 02:16AM ET
Oil prices reversed a rally on Thursday, closing back in on five-and-a-half year lows amid speculation over whether prices have bottomed out. Oil prices rallied after the Federal Reserve said Wednesday it would be “patient” in deciding when to raise U.S. interest rates, guidance which it said is consistent with earlier assurances that rates would stay low "for a considerable time."
Gold gains on Thursday after the Federal Reserve said it would be patient in deciding when to raise U.S. interest rates. On the other hand, gold price trimmed its gain as the dollar strengthened after data showing the number of people who filed for unemployment assistance in the U.S. last week fell more-than-expected, pointing to an ongoing recovery in the labor market.
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