Gold Bounced Back | Oil Changed Direction and Fell –Recap December 7

Major commodities were traded yesterday with a mixed trend:  Gold price bounced back and rose while silver price changed direction and slightly declined; crude oil prices also shifted from green to red as they have declined yesterday as well; natural gas spot prices (Henry Hub) on the other hand continued to rally. Major currencies such as Euro and AUD continued to appreciate against the US dollar. Here is a summary of the price developments of precious metals and energy commodities for December 7th:

Precious Metals Prices:

Gold price bounced back and inclined on Wednesday by 0.75% and reached $1,744.80; Silver price on the other hand moderately declined by 0.36% to reach $32.63. During December, gold price declined by 0.3%, and silver price decreased by 0.54%. 

The Euro very moderately appreciated against the US dollar by 0.07% to 1.3411. The US Dollar also depreciated against currencies such as the Australian dollar.

Oil and Gas Prices:

WTI oil price slipped yesterday by 0.78% to $100.49 per barrel; Brent oil price also declined by 1.08% to $109.24 per barrel;

Due these changes, the difference between Brent oil price and WTI oil prices slightly fell to $8.75/bbl. During the month, WTI oil price inclined by 0.1%, while Brent oil price declined by 1.9%.

Natural gas Henry Hub future price (January delivery) declined by 2.01% to $3.42/mmbtu. The Henry Hub spot price on the other hand rose by 0.29% to $3.44/mmbtu; the difference between the spot and future price fell to -$0.02, i.e. Backwardation.

A Summary of Yesterday’s Prices Changes:

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

 Gold price and Silver prices Crude oil prices, Natural gas spot price 2011 December 7

For further reading:

Weekly Analysis and Outlook:

Monthly Analysis and Outlook: