World crude oil trade on Wednesday 13 / 7 rose after the Fed governor said that he would provide a stimulus if the economy remains weak and U.S. crude oil inventories fell.
Light sweet crude rose 62 cents to $ 98.05 per barrel. Meanwhile, Brent crude rose 96 cents to U.S. $ 118.71 per barrel.
The weakening dollar sparked oil and other commodities considered more attractive. Especially after Fed governor prepared to ease monetary policy further if the economy weakens.
Last week the U.S. Energy Information Administration stated domestic crude oil inventories fell 3.1 million barrels. This is far below analysts' forecasts which predict only a drop of 1.8 million barrels. This data is the decline in U.S. oil for six consecutive weeks.
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Showing posts with label Commodity. Show all posts
Showing posts with label Commodity. Show all posts
Gold Gains After The Fed Minutes
Gold futures rose to record levels, after the close of electronic trading. The possibility of additional financial stimulus to trigger a transition metal.
Gold for August delivery rose U.S. $ 4.60, or 0.3%, to U.S. $ 1,567.40 an ounce in electronic trading on the New York Mercantile Exchange. Gold had previously been at a record $ 1,562.30 an ounce.
The latest minutes of the Fed meeting showed that the monetary committee are divided over the next few steps to try to encourage economic progress. Some said that the Fed may have to switch to a more stimulative policy, if the unemployment rate is down significantly and inflation returned to a relatively low level.
read also: Gold Prices Reach Highest Price This Year, Gold Futures Edged Up Amid Fears of Europe's Debt Crisis
Gold for August delivery rose U.S. $ 4.60, or 0.3%, to U.S. $ 1,567.40 an ounce in electronic trading on the New York Mercantile Exchange. Gold had previously been at a record $ 1,562.30 an ounce.
The latest minutes of the Fed meeting showed that the monetary committee are divided over the next few steps to try to encourage economic progress. Some said that the Fed may have to switch to a more stimulative policy, if the unemployment rate is down significantly and inflation returned to a relatively low level.
read also: Gold Prices Reach Highest Price This Year, Gold Futures Edged Up Amid Fears of Europe's Debt Crisis
Gold Prices Reach Highest Price This Year
Gold prices posted its sixth consecutive session and reached record levels due to concerns about the debt crisis of the European Zone. Gold for August delivery rose U.S. $ 13.10, or 0.9%, to as low as U.S. $ 1,562.30 per ounce on the Comex division of the New York Mercantile Exchange. That number replaces the previous settlement record at U.S. $ 1,557.10 per ounce on May 2.
In real terms, gold was at a record U.S. $ 875 per ounce in January 1980, about two months after the started of the Iranian hostage crisis and less a month after the Soviet invasion of Afghanistan.
Previous metal price swings between appreciation and correction, but later received support from the European debt crisis fears that threatens Italy and Spain, countries with economies larger than Greece, Ireland and Portugal, which has now received financial aid.
Gold is traditionally seen as a value in uncertain economic conditions. Concerns about the spread of this crisis situation, pushing the dollar rose against the euro in most of the trading session, although the U.S. currency reduces the rise and shut down compared to major rivals. The dollar index, which compares the U.S. unit against six major currencies, at 75,775 recently, from 75.941 in the previous trade in North America.
Other metals prices also rose, except for silver. Silver futures for September contract fell 6 cents, or 0.2% to U.S. $ 35.63 per ounce. Copper rose 2 cents to $ 4.39 per pound.
Copper miners in Chile, the world's major exporter for the metals industry, has been breaking down over the possible restructuring of the Corporacion Nacional del Cobre (Codelco), the state-run miners, and the loss of some job gains. The strike at a copper mine in Indonesia also affects the production of metals.
Platinum for October delivery rose $ 8, or 0.5%, to $ 1,736.30 per ounce. The September contract for palladium, flat at U.S. $ 767.45 per ounce.
read also: Gold Gains After The Fed Minutes , Gold Futures Edged Up Amid Fears of Europe's Debt Crisis
In real terms, gold was at a record U.S. $ 875 per ounce in January 1980, about two months after the started of the Iranian hostage crisis and less a month after the Soviet invasion of Afghanistan.
Previous metal price swings between appreciation and correction, but later received support from the European debt crisis fears that threatens Italy and Spain, countries with economies larger than Greece, Ireland and Portugal, which has now received financial aid.
Gold is traditionally seen as a value in uncertain economic conditions. Concerns about the spread of this crisis situation, pushing the dollar rose against the euro in most of the trading session, although the U.S. currency reduces the rise and shut down compared to major rivals. The dollar index, which compares the U.S. unit against six major currencies, at 75,775 recently, from 75.941 in the previous trade in North America.
Other metals prices also rose, except for silver. Silver futures for September contract fell 6 cents, or 0.2% to U.S. $ 35.63 per ounce. Copper rose 2 cents to $ 4.39 per pound.
Copper miners in Chile, the world's major exporter for the metals industry, has been breaking down over the possible restructuring of the Corporacion Nacional del Cobre (Codelco), the state-run miners, and the loss of some job gains. The strike at a copper mine in Indonesia also affects the production of metals.
Platinum for October delivery rose $ 8, or 0.5%, to $ 1,736.30 per ounce. The September contract for palladium, flat at U.S. $ 767.45 per ounce.
read also: Gold Gains After The Fed Minutes , Gold Futures Edged Up Amid Fears of Europe's Debt Crisis
Gold Futures Edged Up Amid Fears of Europe's Debt Crisis
Gold futures edged up on Tuesday, amid fears of Europe's debt crisis and the negotiations deadlocked over enhancement of U.S. debt limit to avoid a shutdown of the federal government.
Gold for August delivery rose U.S. $ 7.60, or 0.5%, to as low as U.S. $ 1,549.20 per ounce on the Comex division of the New York Mercantile Exchange, after rising and traded at U.S. $ 1557.60 per ounce.
In one day, most commodities corrected, and investors stay away from any investments that are considered more risky. However, metal prices could strengthen over the purchase of the safe-haven assets.
Nonfarm payrolls data on Friday last week and worries about the U.S. economy, weighed the price of silver and other metals. Volume is also high for the summer.
Concerns default by Greece to support the dollar, a situation which is generally negative for commodities. For gold, however, concerns over potential defaults Greece to boost the U.S. currency. Dollar index, which compares the U.S. unit with six currencies, was at 75.981, up from 75.179 late Friday.
Most metals and other commodities, like oil, trading down. Silver fell from the early trading, with the September contract fell 84 cents, or 2.3%, to U.S. $ 35.69 per ounce.
September copper fell 4 cents, or 1% to U.S. $ 4.37 per pound. Platinum for October delivery fell U.S. $ 5.10, or 0.3%, to $ 1,728.30 per ounce. Palladium for September delivery, loss of U.S. $ 11.50, or 1.5% to U.S. $ 767.45 per ounce.
read also: Gold Prices Reach Highest Price This Year, Gold Gains After The Fed Minutes
Gold for August delivery rose U.S. $ 7.60, or 0.5%, to as low as U.S. $ 1,549.20 per ounce on the Comex division of the New York Mercantile Exchange, after rising and traded at U.S. $ 1557.60 per ounce.
In one day, most commodities corrected, and investors stay away from any investments that are considered more risky. However, metal prices could strengthen over the purchase of the safe-haven assets.
Nonfarm payrolls data on Friday last week and worries about the U.S. economy, weighed the price of silver and other metals. Volume is also high for the summer.
Concerns default by Greece to support the dollar, a situation which is generally negative for commodities. For gold, however, concerns over potential defaults Greece to boost the U.S. currency. Dollar index, which compares the U.S. unit with six currencies, was at 75.981, up from 75.179 late Friday.
Most metals and other commodities, like oil, trading down. Silver fell from the early trading, with the September contract fell 84 cents, or 2.3%, to U.S. $ 35.69 per ounce.
September copper fell 4 cents, or 1% to U.S. $ 4.37 per pound. Platinum for October delivery fell U.S. $ 5.10, or 0.3%, to $ 1,728.30 per ounce. Palladium for September delivery, loss of U.S. $ 11.50, or 1.5% to U.S. $ 767.45 per ounce.
read also: Gold Prices Reach Highest Price This Year, Gold Gains After The Fed Minutes
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