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Gold, Silver Retreat on USD Strength

COMMODITIES

Despite the USD index hitting the lowest levels in over two years yesterday, the index bounced modestly Thursday to keep commodities under pressure and weigh on both gold and silver. The losses were manageable, with price contained to recent ranges.

Oil markets made furtive gains, outperforming despite the firmer greenback. WTI and Brent crude futures made minor gains but did manage to hit new post-COVID cycle highs. WTI now targets the late February 2020 highs at $54.50 over the short-term.

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