Major commodities prices rallied yesterday along with sharp gains in the U.S. stock markets and the depreciation of the US dollar against major currencies: gold and silver prices sharply augmented; crude oil prices also followed and increased; natural gas spot price didn’t change yesterday but the future price (short term) also rose. Here is a summary of the price movements of precious metals and energy commodities for October 10th:
Precious Metals prices:
Gold price sharply rose yesterday by 2.14% to $1,670; Silver price, even more than gold price, added 3.18% to its value to close at $31.98. During October, gold price rose by 3.0% and silver price increased by 6.3%.
The Euro to US Dollar exchange rate rose yesterday by 1.97% to 1.3642 – i.e. the USD depreciated against the EURO. The USD also depreciated yesterday against other currencies including the AUD and CAD.
Oil and Gas prices:
WTI oil price also increased yesterday by 2.93% to $85.41 per barrel; Brent oil price also increased by 2.61% to $108.63 per barrel;
Due these changes, the difference between Brent and WTI slightly rose to $23.22/bbl. During October, WTI oil price rose by 4.3%, and Brent oil price increased by 3.0%.
Natural gas Henry Hub future price (November delivery) sharply increased by 1.72% to $3.54/mmbtu. The Henry Hub spot price didn’t change and remained at $3.40/mmbtu; the gap between the spot and future price rose to $0.14/mmbtu, i.e. contango.
A Summary of Yesterday’s Prices Changes:
The table below includes: closing prices, daily percent change, and change in prices and indexes in USD (except for USD/CAD, in which the change is in Canadian dollar):
For further reading:
- Gold & Silver Prices – Daily Outlook October 10
- Oil Prices – Daily Outlook October 10
- Weekly Outlook for October 10-14
Monthly Analysis and Outlook: