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Commodities Brief – Gold cannot hold onto to earlier gains, crude oil rallies

Gold prices have been largely unable to hold onto their gains from Asian trading Monday, as the stock markets maintain a respite in the United States given the observance of Presidents Day. Followjng a move up towards the 1670 region earlier today, European trading witnessed a surrendering of gains. At the time of writing, the price of the yellow metal has settled at USD $1610.98, up only $2.18 Monday. "The latest price slide was accompanied by significant outflows from gold ETFs, while investors on the futures markets are also largely to blame for the price drop" says today's commodities note from Commerzbank.

Silver has been afflicted with the same sort of reticence Monday, as the price has moved around the 30.00 level since the overnight session in Asia. "Clearly, the market, which has been plagued by concerns over central banks' commitments to continued monetary accommodation, was concerned about the downside that would be opened up in the absence of Asian players that were celebrating Lunar New Year last week," says Marc Ground, commodities strategist at Standard Bank. While still securing slight gains today, the price of the white metal is operating at USD $29.95 at the time of writing.

Crude Oil on the other hand has been much more keen to recover its lost gains witnessed during the end of last week. Following a mostly uneven morning, the onset of American trading has seen a sharp increase in crude prices, culminating in a jump towards the psychological 96.00 level. In these moments however, the price has eased back slightly towards USD $95.92.

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Forex: GBP/USD back around 1.5470 after quick spike high

The GBP/USD spiked during European lunch hour just to touch the opening price of 1.5506, then quickly returning back below the 1.5500 mark. The pair is back at its sideways trading range around 1.5470, down by -0.30%, but the market seems to be looking for further downside.
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