Gold and silver prices changed direction again and closed the week falling following the U.S. labor report was published and showed an improvement in employment during September. Crude oil prices had a mixed trend with Brent oil slightly falling and WTI crude oil price slightly rising; natural gas spot price ended the week sharply declining. Here is a summary of the price movements of precious metals and energy commodities for October 7th:
Precious Metals prices:
Gold price declined yesterday by 1.05% to $1,635; Silver price, even more than gold price, lost 3.16% of its value to close at $30.99. During October, gold price rose by 0.8 and silver price increased by 3.0%.
The Euro to US Dollarexchange rate declined yesterday by 0.44% to 1.3378 – i.e. the USD appreciated against the EURO. The USD on the other hand depreciated yesterday against other currencies including the AUD and GBP.
Oil and Gas prices:
WTI oil price moderately inclined yesterday by 0.47% to $82.98 per barrel; Brent oil price on the other hand slightly decreased by 0.03% to $105.87 per barrel;
Due these changes, the difference between Brent and WTI slightly fell to $22.89/bbl. During October, WTI oil price rose by 1.4%, and Brent oil price increased by 0.4%.
Natural gas Henry Hub future price (November delivery) sharply declined by 3.33% to $3.48/mmbtu. The Henry Hub spot price also fell by 2.58% to $3.40/mmbtu; the gap between the spot and future price slipped to $0.08/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 7
- Oil Prices – Daily Outlook October 6
- Weekly Outlook for October 3-7
Monthly Analysis and Outlook: