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Commodities Brief – Gold prices fall to 6-week lows, G20 eyed

Gold prices reached have reached a 6-week low against the USD following yesterdays weak Eurozone GDP data that sent the yellow metal into a tailspin, recording its lowest monthly figure to date at the 1629 region. As of European trading however, the price has not faired much better, as prices were capped at 1634, before waning again to USD $1630.96 at the time of writing. Investors remain cautious as the renewed economic worries over the Eurozone adds to worries over the G20 meeting later today and on Saturday, as the “Currency war” will move to Moscow where finance officials debated over Japan`s expansive policies that have driven down the value of the yen.

In addition, Silver prices faced a similar decline as prices broke below the key 30.70 region/support level. Presently the white metal is holding below 30.70 and its 200-day SMA, trading at USD $30.27 during European trading Friday.

Crude oil appears to be sharing the same fate as the precious metals Friday, as yesterdays surge in oil prices were met with a tepid pullback that began during overnight trading. As prices have edged lower, crude prices are currently hanging onto and testing the 97.00 mark in these moments, operating at USD $97.06.

Forex: EUR/USD plunges as G-20 meeting takes place, low at 1.3312

The G-20 meeting is making the rounds, with EU's Rehn calling for more focus on reforms and less attention to fiscal and monetary stimulus. The main subject of the meeting for the FX market remains the question about policy on exchange rates. ECB's Asmussen defended market based rates, without fixed targets, and said the EUR is not seriously overvalued.
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