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    Forex News from New Forex: Oil and gold decline ahead of the Fed’s meeting and Brexit

    Oil prices drop due to the possibility of Brexit. On the Mercantile Exchange in London Brent with the delivery in August fell 1.29% to $49.70 a barrel, a low since June 3. On Monday black gold shed 19 cents or 0.38%. In New York WTI decreased by 1.31% to $48.25, a low since June 2. Yesterday it lost 19 cents or 0.39%.

    The slowdown of the economic growth in China exerts pressure on commodity prices. In the USA shale oil production has been descending for 16 months in a row. However, the OPEC expects that oil prices will stabilize in the second half of the year.

    Gold and silver prices demonstrate negative dynamics today as well. Investors are in the anticipation of the Fed’s decision over the interest rate tomorrow. Most market players preferred to fix their profit before the meeting. Gold futures with the delivery in August shed 0.09% to $1.285.80 a troy ounce. Spot gold lost 0.03% to 1.283.25. Silver futures with the delivery in July dropped by 0.73% to $17.315.

    NewForex Analyst

    Michael Butnitsky

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