Gold and silver prices continued their rally and increased for the fourth straight business days; on the other hand crude oil prices sharply fell; natural gas prices were traded with mixed trend as the spot price increased while the short term future price slipped yesterday. The EU Summit ended yesterday with several resolutions including a 50% debt reduction for Greece and a boost to 1 trillion euros on the European rescue funds. Here is a summary of the price movements of precious metals and energy commodities for October 26th:
Precious Metals prices:
Gold price increased again by 1.36% and reached $1,723.5 – the highest price level since September 22nd; Silver price moderately rose by 0.78% to reach $33.31. During October, gold price increased by 6.2% and silver price increased by 10.7%.
The Euro to US Dollar exchange rate nearly didn’t change yesterday as it slipped by 0.01% to 1.3906 – i.e. the USD appreciated against the Euro. Furthermore, the USD appreciated against other currencies including the AUD.
Oil and Gas prices:
WTI oil price changed direction and sharply fell yesterday by 2.99% to $90.20 per barrel; Brent oil price also slipped by 0.91% to $111.09 per barrel;
Due these changes, the gap between Brent and WTI widen to $20.89/bbl. During October, WTI oil price rose by 10.2%, and Brent oil price increased by 5.4%.
Natural gas Henry Hub future price (November delivery) decreased by 1.91% to $3.59/mmbtu. The Henry Hub spot price on the other hand increased by 0.83% to $3.65/mmbtu; the gap between the spot and future price was -$0.06, i.e. Backwardation.
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):
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