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Wednesday, March 3, 2010

BT Crude Oil and Gold Futures Report >>> Market Overview

Crude futures bounced higher today, boosted by a down day for the U.S. dollar. Traders also priced in some optimism about the global economy, with the Greek government expected to announce new austerity measures in order to secure financial support from the broader European Union. Ongoing refinery issues provided an additional bullish catalyst, with Chile's two major refineries still down for the count following this weekend's devastating 8.8-magnitude earthquake. Crude oil for April delivery ended on a gain of 98 cents, or 1.3%, at $79.68 per barrel.

Gold futures also capitalized on weakness in the U.S. dollar, with the front-month contract touching its highest price since Jan. 20. The greenback lost ground versus the euro today, as traders increasingly anticipated an aid package for cash-strapped Greece -- and dollar-denominated commodities were the immediate beneficiaries. With risk appetites on the rise, gold for April delivery tapped an intraday peak of $1,138.30 an ounce. By the close, the precious metal was sitting on a healthy advance of $19.10, or 1.7%, at $1,136.90 per ounce.

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