Gold and oil climb as dollar rally stalls
Gold and oil prices were higher in late Thursday (March 30) trade as investors took a renewed interest in commodities following an early week rise in the value of the US dollar.
One ounce of gold currently fetches $1,425.90 in late night New York GLOBEX trade. This is up over $7 from Tuesday’s close at $1,418.70.
Gold traded as low as $1,413 earlier in the day in New York NYMEX trade for speculators began a late day surge.
Oil prices are up $.31 in late Wednesday night trade after Wednesday’s settle price of $104.58 for one barrel of May crude oil futures.
Wednesday’s closing price was off by $.52 from Tuesday’s close after the latest reports on US crude inventory levels showed higher stockpiles of crude.
Generally, oil speculators are in wait-and-see mode as news about political tensions in the Middle East changes almost daily, causing uncertainty about future production levels for top oil-producing nations.
Conflict in the Middle East now includes ongoing battles between established governments and opposition in Yemen, Syria, Bahrain and Libya.
Gold slipped in early week trading from its all-time high price of $1,447 just one week ago. But Wednesday’s late afternoon buying enthusiasm suggests a return to safer investing strategies.
The dollar actually led much of the action in investment markets to start the week as the greenback was up virtually across the board.
However, the dollar’s rally stalled Wednesday, contributing to the late day increased in commodities prices.
One euro is trading higher at $1.41321 in late night currency trade. The British pound is also up at $1.60852. The dollar is also down against the Japanese yen with a current value of 82.706 yen.
About Pete Southern
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.
Most Popular Content
- Gold Flying and Making New All Time Highs
- Gold Prices Slip Ahead of Anticipated Economic Data
- Oil Prices Surge From Lows Amid Mixed Global Signals
- U.S. Stock Indices: A Dance Between Optimism and Fear
- Gold Prices Dance with CPI Data and the Fed
- Oil Prices Surge Amid Record Demand and Supply Tightening
- Gold Steady As US Dollar Index Tries to Make Gains
- Some Respite for Crude Oil within Bear Trend
Currency Articles - May 22, 2019 15:21 - 0 Comments
The Pound is in Freefall – When Will It Stop?
More In Currency Articles
- GBP Gets Ready for an Unpredictable Day with Meaningful Vote 2
- British Pound Stays Strong Whilst The Dollar Remains Weak
Gold and Oil News - Mar 30, 2024 10:37 - 0 Comments
Gold Flying and Making New All Time Highs
More In Gold and Oil News
- Gold Prices Slip Ahead of Anticipated Economic Data
- Oil Prices Surge From Lows Amid Mixed Global Signals