Gold price keeps on rising and is nearing the $1,800 mark; silver price has also followed and recorded yesterday gains; crude oil prices bounced back and rose very sharply yesterday despite the falls in the stock markets and the appreciation of the US dollar against major currencies; natural gas spot price (Henry Hub) inclined again.
Here is a summary of the price movements of precious metals and energy commodities for August 10th:
Precious Metals prices:
Gold price increased yesterday by 2.37% to $1,784 – a new high price level in 2011; Silver price also followed as it sharply inclined by 3.81% to $39.33.
During August, gold prices increased by 9.4%, but silver price fell by 1.9%.
The EURO/ USD continue to zigzag with no clear direction as it sharply fell yesterday by 1.38%, as the USD appreciated against the EURO. During August the EURO/USD fell by 1.5% compared to its initial level at the beginning of the month. The high volatility in the financial markets drives major exchange rates, indexes and some commodities prices in different directions; this demonstrates the currently high uncertainty in the financial markets.
Oil and Gas prices:
WTI Spot oil price bounced back and sharply increased yesterday by 4.53% to $82.89 per barrel; during August the WTI spot oil price declined by 13.4%. Brent spot price also increased by 1.21% to $105.36 per barrel.
Due to these changes, the difference between Brent and WTI sharply declined to $22.47/bbl.
Natural gas Henry Hub future price (September delivery) rose by 0.5% to $4.01/mmbtu. The Henry Hub spot price also inclined by 0.49% to $4.09/mmbtu; the gap between the spot and future price remained unchanged at -$0.08, i.e. backwardation. During August, natural gas spot price (Henry Hub) fell by 4.0%.
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):
For further reading:
Monthly Analysis and Outlook: