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Negative sentiment towards gold looks overdone

Commodity prices mostly fell further in June, with gold being hit particularly hard by (premature) fears of an early end to the support from global monetary policy. Industrial commodities were also undermined by the deteriorating outlook for Chinese demand. However, the price of the traditional US benchmark crude WTI rose steadily, despite increased domestic production, as the logistical problems at the Cushing hub continued to ease.

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