Gold and Silver Bounced Back on Tuesday –Recap January 10

Gold and silver bounced back and sharply rose yesterday after gold price had started the week with a moderate fall; crude oil prices also rallied and slightly rose; natural gas continued to trade up on Tuesday. Major currencies such as Euro and Australian dollar appreciated against the U.S dollar. Here is a summary of the price developments of precious metals and energy commodities for January 10th, 2012:

Precious Metals:

Gold price sharply increased on Tuesday by 1.46% to $1,631.50; Silver also sharply rose by 3.59% to reach $29.82. During January, gold increased by 4.1%, and silver price by 6.81%. 

The Euro/USD rallied yesterday and rose by 0.10% to 1.2778; the U.S Dollar depreciated against other currencies such as the Australian dollar and Canadian dollar.

Oil and Gas Prices:

WTI oil price rose yesterday by 0.92% to $102.24 per barrel; Brent price also increased by 0.68% to $112.54 per barrel;

Due to these changes, the gap between Brent oil and WTI oil  fell to $10.30/bbl. During January, WTI price rose by 3.5%, and Brent price by 4.6%.

Natural gas future (February delivery) sharply declined by 2.65% to $2.94 /mmbtu. The Henry Hub spot on the other hand rose to $2.98 /mmbtu; the difference between the spot and future price sharply shifted to -$0.04, i.e. Backwardation.

A Summary of Yesterday’s Prices:

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 and Silver Crude oil prices, Natural gas price 2012  January 10

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