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Commodities soar on relief over European debt deal

Commodities soar on relief over European debt deal

Commodities prices are soaring after European leaders surprised markets with aggressive plans to shore up the region's financial system.
Crude oil jumped 9 percent and metals prices rose after a summit in Brussels produced an agreement to funnel money directly to troubled banks, without adding to the debt burdens of struggling governments like Spain.
The deal suggested low interest rates and better prospects for economic growth. The dollar fell as investors ditched defensive investments, another positive factor for commodities.
Gold settled just over $1,600 with a gain of nearly $54 Friday, its biggest one-day jump since June 1. Gold had its first monthly gain after four months of losses. Other metals also posted big gains.
Crude oil shot up $7 to settle just below $85 a barrel.


Updated : 2021-03-06 20:06 GMT+08:00