Gold Silver and Oil Sharply Declined –Recap November 21

Gold and silver prices sharply fell on the first day of the week after they had moderately inclined on Friday. Other commodities prices also declined yesterday: Crude oil was traded down, and natural gas spot prices continued to free-fall and sharply decreased yesterday. Many currencies including Australian dollar and Canadian dollar sharply depreciated against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 21st:

Precious Metals Prices:

Gold price sharply fell yesterday by 2.70% and reached $1,678.60; Silver price also declined by 4.01% to reach $31.19. During November, gold price fell by 2.7%, and silver price decreased by 9.22%. 

The Euro to US Dollar exchange rate slightly fell by 0.26% to 1.3490 – i.e. the US Dollar appreciated against the Euro. The US Dollar also sharply appreciated against other currencies such as the Australian dollar.

Oil and Gas Prices:

WTI oil price declined again by 0.74% to $96.69 per barrel; Brent oil price also decreased by 1.35% to $106.45 per barrel;

Due these changes, the difference between Brent oil price and WTI oil prices slightly fell to $9.76/bbl. During November, WTI oil price inclined by 3.8%, while Brent oil price decreased by 2.80%.

Natural gas Henry Hub future price (December delivery) bounced back and rose by 2.41% to $3.40/mmbtu. The Henry Hub spot price on the other hand sharply fell by 2.32% to $2.95/mmbtu; the gap between the spot and future price sharply rose to $0.45, i.e. it is still in Contango.

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 November 21

For further reading:

Weekly Analysis and Outlook: