Gold and Oil News
Gold and Oil News - October 14, 2010 11:59
Gold, euro continue gains on weak dollar
Despite some positive earnings reports, investors remain concerned about recovery prospects in the US. Analysts are also mixed about the long-term effects of the Fed buying Treasuries to help spark the economy.
Gold, oil prices rise on dollar weakness
Just as major currencies are making gains against the sour dollar this week commodities like gold and oil are moving higher as well. The current Gold price has a (September 30) spot rate at $1,312 in early New York NYMEX trade and benchmark crude oil scheduled for November delivery is priced at $78.71.
Oil prices near $76 after US pipeline shuts down
A shutdown of a major oil pipeline in Illinois combined with a bigger than expected drop in US crude inventories helped push oil prices for benchmark crude scheduled for October delivery to $75.65, up by $1.40 from Thursday’s (September 9) settle price on the New York Mercantile Exchange.
Gold moves closer to record
Gold prices moved closer to its all-time high on Wednesday (August 25) despite relative firmness in the dollar. One ounce of gold currently fetches $1,238 in early evening New York Globex trade.
Gold moving toward $1,200
The price of gold is currently (August 5) just below $1,195 after it briefly touched $1,200 on August 4th. Gold prices have been on a rebound after more than a $100 downward correction from the all-time high in late June of $1,261.
Oil prices below $80 as demand sluggish
Oil prices are hovering just below $80 per barrel, at around $79 for September crude delivery in Tuesday’s (July 27) early New York Mercantile Exchange trade. Still moving in sync with equities in the big picture, the price of oil is limited by continued reports of sluggish crude demand levels in the US.
Gold prices remain below $1,200
The price of gold remains flat below $1,200 and not much above its 60-day low of $1,180 in mid-morning New York trade. The current gold price spot rate in New York is $1,190.70 per ounce after a closing price of $1,194.50 on July 22nd.
Oil prices below $77 per barrel
Even though the Euro and Pound have been strong against the dollar this week, oil prices have fallen below the $77 level in Wednesday morning electronic trading on the New York Mercantile Exchange.
Gold below $1,200 despite US, dollar concerns
It is a bit unusual, but gold prices are currently falling in line with US economic concerns, equity index drops, and dollar losses. Typically, gold is known as the “safe money†investment when there is economic uncertainty.
Oil prices below $78 as Fed meetings conclude
As analysts and investors await the Federal Reserve’s announcement on interest rates later Wednesday (June 23), oil prices are trading below $78 per barrel on the New York Mercantile Exchange.
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