CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Gold closed at a 3-week high today, and oil was down more than $1 after yesterday's jump.
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The euro hit a three-week high against the dollar on Wednesday, supported by hopes for an agreement on Greece austerity steps and progress toward an aid package for Greece, bringing it near chart resistance that could limit its near-term gains.
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Germany is considering dropping its push for an early rescheduling of Greek bonds in order to facilitate a new package of aid loans for Greece, the Wall Street Journal reported, citing people familiar with the matter.
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Gold inched down on Wednesday, having rallied to its highest level in three weeks in the previous session, but sentiment was still underpinned by nagging debt fears in Europe which had prompted investors to ditch the euro.
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The euro edged up in early Thursday trade, extending its recovery from a seven-week low as commodity prices steadied after weeks of falls, though it is still seen vulnerable due to uncertainty over the Greek debt crisis.
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