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Gold and Oil News - December 2, 2010 15:11
Oil prices near 2010 high
Watching oil prices move in the last several months has been like watching grass grow, relative to the highly volatile action during the summer of 2008.
Euro plunges on Ireland debt worries
The US dollar is up sharply in early Wednesday (November 24th) morning currency trade following a strong unemployment report. The latest weekly report from the Labor Department for the week ending November 20th showed a seasonally adjusted total of 407,000 unemployment claims.
Commodities prices held in check by stronger dollar
Oil prices have seen restricted upward mobility and gold prices have fallen in lieu of a stronger dollar the last two weeks. The greenback has climbed higher against most major currencies and on the whole after the initial reaction to the Fed’s $600 billion Treasury bond purchase.
Dollar stronger as speculators consider global economy
Currency speculators are struggling to make sense of everything happening around them in the global economy. At the moment (November 10), the dollar is in a stronger position following the Central Bank sell off of some 10-year debt at a lower than expected yield.
Gold breaks $1,400 for the first time
After a slightly extended up-and-down effort to take hold of the $1,300 level, gold prices wasted little time moving past $1,400. The Monday (November 8) gold spot rate is $1,406.30 in lunchtime trade on the New York NYMEX.
Oil price gains halted as dollar gains
Gains in the dollar have put a brief halt in a three-day run of gains in oil prices. Benchmark crude oil scheduled for December delivery currently (October 27) trades at $81.73 in early New York NYMEX trade.
Euro looks to maintain $1.40
The euro has been flirting with $1.40 the last two weeks and the currency appears poised to firmly capture and maintain that level Thursday (October 21) morning after economic reports from Europe and the US support a stronger euro-dollar.
Oil and gas prices higher with equities
Surging equity markets have helped push oil prices through the $80 level. Benchmark crude oil scheduled for November delivery trades at $83.14 in early New York Mercantile Exchange trade Tuesday (October 19) morning.
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.
Dollar in trouble following job’s report
An already weak US dollar took another hit early Friday (October 8) morning following the latest report on jobs. According to new Labor Department numbers, 95,000 workers were cut by US employers during the month of September.
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