Gold Silver and Brent Oil Declined – Recap August 28th

Most commodities traded down during Tuesday: the price of Brent oil declined again for the fifth consecutive day, while oil price (WTI) rose; gold and silver also traded down on Tuesday – this was after silver had increased for six consecutive days; natural gas Henry Hub future (September delivery) and spot decreased again on Tuesday; the Euro bounced back on Tuesday. Several other currency pairs including the Aussie dollar/USD also rose.

Here is a summary of the daily changes in precious metals and energy commodities for August 28th, 2012:

Forex and Bullion Markets:

Gold declined by 0.35% to $1,669.7; Silver also decreased by 0.56% to reach $30.96. During the month, gold increased by 3.41%; silver, by 10.92%.

The Euro/USD rose by 0.53% to 1.2565; further, the U.S Dollar also depreciated against several other currencies including Aussie dollar by 0.08%.

Energy Commodities:

WTI oil price rose yesterday by 0.9% to $96.33 per barrel;

Brent oil fell by 0.39% to $113.33 per barrel;

Following these developments, the gap between Brent and WTI declined to $17.0/bbl. During the month, WTI increased by 9.39% and Brent oil by 7.0%.

Finally, the Henry Hub future (September delivery) fell again by 1.13% to $2.62/mmbtu; the Henry Hub spot also declined to $2.72/mmbtu; the difference between the spot reached -$0.1, backwardation.

A Summary for August 28th:

The table below includes: closing prices, daily percent changes, and daily changes:

Gold Silver Crude oil Natural gas 2012 August 28

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1 comment for “Gold Silver and Brent Oil Declined – Recap August 28th

  1. Jeff
    August 29, 2012 at 6:45 pm

    I was waiting for crude prices to come down. It just fits technically, and fundamentally, with my belief that there is not going to be a QE3, and oil prices need to come down a bit (at least not rally) if this is true

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