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Gold and oil climb as dollar rally stalls

31 March 2011

Gold and oil prices were higher in late Thursday (March 30) trade as investors took a renewed interest in commodities following an early week rise in the value of the US dollar.

One ounce of gold currently fetches $1,425.90 in late night New York GLOBEX trade. This is up over $7 from Tuesday’s close at $1,418.70.

Gold traded as low as $1,413 earlier in the day in New York NYMEX trade for speculators began a late day surge.

Oil prices are up $.31 in late Wednesday night trade after Wednesday’s settle price of $104.58 for one barrel of May crude oil futures.

Wednesday’s closing price was off by $.52 from Tuesday’s close after the latest reports on US crude inventory levels showed higher stockpiles of crude.

Generally, oil speculators are in wait-and-see mode as news about political tensions in the Middle East changes almost daily, causing uncertainty about future production levels for top oil-producing nations.

Conflict in the Middle East now includes ongoing battles between established governments and opposition in Yemen, Syria, Bahrain and Libya.

Gold slipped in early week trading from its all-time high price of $1,447 just one week ago. But Wednesday’s late afternoon buying enthusiasm suggests a return to safer investing strategies.

The dollar actually led much of the action in investment markets to start the week as the greenback was up virtually across the board.

However, the dollar’s rally stalled Wednesday, contributing to the late day increased in commodities prices.

One euro is trading higher at $1.41321 in late night currency trade. The British pound is also up at $1.60852. The dollar is also down against the Japanese yen with a current value of 82.706 yen.

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