Gold and silver prices changed direction from the end of last week and the concerns over the stability in the US affected them; gold price reached new record high as it passed the $1,700 mark; crude oil prices have resumed their sharp falls and reached new lows; natural gas spot price (Henry Hub) ended unchanged.
Here is a summary of the price movements of precious metals and energy commodities for August 8th:
Precious Metals prices:
Gold price inclined by a very high percentage yesterday of 3.72% to $1,713; Silver price also sharply inclined on Monday by 3.06% reaching $39.38.
During August, gold prices increased by 5%, but silver price fell by 1.8%.
The EURO/ USD sharply fell yesterday by 0.73%, 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.
Oil and Gas prices:
WTI Spot oil price resumed its falls and declined yesterday by 6.41% to $81.31 per barrel; during August the WTI spot oil price declined by 15%. Brent spot price also decreased by 5.74% to $103.46 per barrel.
Due to these falls, the difference between Brent and WTI fell to $22.15/bbl.
Natural gas Henry Hub future price (September delivery) remained unchanged at $3.94/mmbtu. The Henry Hub spot price also didn’t change at $4.00/mmbtu; the gap between the spot and future price remained at -$0.06, i.e. backwardation. During August, natural gas spot price (Henry Hub) fell by 6.1%.
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: