The southern oil regions of Iraq are still pumping and exporting oil but the threat by ISIS and the Levant (ISIL), which are the successor organizations to al- Qaeda in Iraq are driving the risk premium in oil. ISIS threatened to continue their assault on Baghdad.
China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.
The oil market cheered GDP as it already was supported by old man winter. Led by heating oil and gas increases on refinery glitches and winter woes, WTI gained as the emerging market challenged the Brent crude contract.
Gold and silver tumbled the most in six weeks as signs of faster U.S. economic growth fueled bets that the Federal Reserve will keep cutting stimulus. Palladium capped the longest decline in almost five months.