Gold and silver bounced back | oil kept falling –August 2

Gold and silver prices bounced back and finished yesterday in the green after they had declined on Monday; crude oil prices fell for the third straight business day; natural gas spot price (Henry Hub) very moderately inclined.

Here is a summary of the price movements of precious metals and energy commodities for August 2nd:

Precious Metals prices:

Gold price changed direction again and sharply increased yesterday by 1.41% to $1,644 – its highest price level in 2011. Silver price also inclined on Tuesday by 1.99% to reach $40.09.

During August, gold prices increased by 0.8% and silver price remained unchanged.

The EURO/ USD fell yesterday by 0.33%, as the USD appreciated against the EURO. During August the EURO/USD fell by 1.4% compared to its initial level at the beginning of the month.

Oil and Gas prices:

WTI Spot oil price declined again by 1.16% to $93.79 per barrel; during August the WTI spot oil price declined by 2.0%.

Brent spot price also fell by 0.80% to $115.32 per barrel.

Due to these changes, the difference between Brent and WTI rose to $21.53/bbl.

Natural gas Henry Hub future price (September delivery) declined by 0.95% to $4.15/mmbtu. The Henry Hub spot price on the other hand rose by 0.23% to $4.29/mmbtu; the gap between the spot and future price reached -$0.14, i.e. backwardation. During August, natural gas spot price (Henry Hub) inclined by 0.7%.

A summary of yesterday’s Prices Changes:

The table below includes: closing prices, daily percent change, and change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):

 Current Gold price and Silver prices Crude spot oil prices, Natural gas spot price 2011 August 2



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2 comments for “Gold and silver bounced back | oil kept falling –August 2

  1. Jack
    August 3, 2011 at 11:34 am

    Spot Gold is noe trading at $1668/ounce and is still extremely bullish due to those well known events. What is the next strong resistance do you expect for gold?

    • August 3, 2011 at 11:40 am

      Hi Jack,
      Thanks for your comment. I will post by the end of this week a monthly outlook for gold and silver, but in short, II still think that gold will continue its rally and might even reach $1700 by the end of the month.

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