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commodity-update

Commodity Important Updates for Feb 17, 2017

Gold trading range for the day is 29058-29664.Gold prices rose to a one-week high as the U.S. dollar pulled back from its strongest level in more than a month, supporting demand for the yellow metal.Concern over U.S. President Donald Trumps policies and elections in the Netherlands, France and Germany this year have fuelled golds rise.Upbeat U.S. inflation and retail sales data on Wednesday reinforced expectations of a near-term rate hike by the Federal Reserve.

Silver trading range for the day is 42456-43408.Silver rose as the dollar weakened and investors took the opportunity to buy as a hedge against political uncertainty in US and Europe.Jitters ahead of an upcoming G20 foreign ministers meeting the first to be attended by members of the Trump administration may have encouraged a cautious disposition.The number of people who filed for unemployment assistance in the U.S. last week rose by a less-than-expected 5,000 to 239,000 last week.

Crudeoil trading range for the day is 3509-3635.Crude oil rose after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts.OPEC and other exporters including Russia agreed last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut.Global inventories are bloated and supplies high, especially in the United States.

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