Gold price shifted direction and fell for first time this week; silver price also followed with sharp falls; crude oil prices increased again yesterday after sharp falls during most of August; natural gas spot price (Henry Hub) declined while the short term future price sharply inclined.
Here is a summary of the price movements of precious metals and energy commodities for August 11th:
Precious Metals prices:
Gold price changed direction for the first time this week and it decreased yesterday by 1.84% to $1,751; Silver price also followed as it declined by 1.67% to $38.67.
During August, gold prices increased by 7.4%, but silver price fell by 3.6%.
The EURO/ USD continue to zigzag with no clear direction, and it inclined yesterday by 0.44%, as the USD depreciated against the EURO. During August the EURO/USD fell by 1.1% 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 increased again yesterday by 3.41% to $85.72 per barrel; during August the WTI spot oil price declined by 10.4%. Brent spot price also increased by 2.21% to $107.7 per barrel.
Due to these changes, the difference between Brent and WTI declined to $21.98/bbl.
Natural gas Henry Hub future price (September delivery) sharply inclined by 2.49% to $4.11/mmbtu. The Henry Hub spot price on the other hand declined by 0.98% to $4.05/mmbtu; the gap between the spot and future price changed direction to $0.06, i.e. contango. During August, natural gas spot price (Henry Hub) fell by 4.9%.
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: