Gold reached new highs | oil sharply fell –August 8

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):

 Current Gold price and Silver prices Crude spot oil prices, Natural gas spot price 2011 August 9


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 Monthly Analysis and Outlook: