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Commodities Brief – Precious metals collapse after US retail sales, crude trade off 91.00 level

Gold prices were roiled Friday after the release of checkered US economic data, specifically the Retail Sales data, which missed estimates (-0.4% vs. 0.0% projected). Subsequently, the yellow metal has lost its handle on a tight consolidation, breaking out towards the downside and establishing new lows during American trading. At the time of writing, spot gold prices are settling at USD $1532.78 per oz.

Silver loses grip on support
Silver prices have experienced a similar decline during American trading, falling through the pivotal 27.00 support. Earlier this week, the white metal managed to stabilize above this, even making an attempt towards 28.00 though this proved to be short lived. In these moments, silver is trading at USD $26.86 per oz.

Crude collapses below 92.00
WTI Crude oil has not been spared of this commodity bloodletting, collapsing off the 93.00 level before finding traction during US trading. In recent moments, the price of crude has bottomed out at USD $91.34/bbl.

Ireland and Portugal get 7 year loan repayment extension

Following the release of the statement on the Cypriot bailout, Eurozone finance ministers, who hold talks today in Dublin, announced that the loan repayment for Ireland and Portugal would be extended.
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