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Weaker US Dollar Keeps Precious Metals Underpinned

COMMODITIES
  • Lower US Yields throughout the US session placed the dollar on the backfoot for the second consecutive session. This prompted precious metals to further their recovery, looking to close at their best levels of the day.
  • A choppy session for oil prices as markets digested another round of DoE inventory data, heavily affected by the Southern Freeze. Once again, a sizeable build in inventories - likely on refining infrastructure still playing catch-up. The market focused on the draw in gasoline inventories of near 12mln bbls vs. Exp. 2.5mln. WTI and Brent Futures ending in marginal positive territory.
  • WTI Crude +0.83% at $64.49
  • Natural Gas +1.28% at $2.697
  • Gold spot +0.55% at $1725.74
  • Copper +0.75% at $403.85
  • Silver up +0.82% at $26.1586
  • Platinum +2.64% at $1204.44

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