Gold and Silver Changed Direction and Fell–Recap November 23

Gold and silver prices, much like may other commodities prices, continue to zigzag with no clear direction; yesterday gold and silver prices moderately declined. Other commodities prices also decreased yesterday: Crude oil prices including Brent oil and WTI oil prices declined; natural gas spot prices also sharply decreased on Wednesday. Many currencies including Euro and Australian dollar sharply depreciated against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 23rd:

Precious Metals Prices:

Gold price slightly fell yesterday by 0.21% and reached $1,698.80; Silver price also declined by 3.23% to reach $31.96. During November, gold price fell by 1.5%, and silver price decreased by 6.96%. 

The Euro to US Dollar exchange rate sharply decreased by 1.21% to 1.3342 – i.e. the US Dollar sharply appreciated against the Euro. The US Dollar also appreciated against other currencies such as the Australian dollar.

Oil and Gas Prices:

WTI oil price also changed direction and declined by 1.93% to $95.87 per barrel; Brent oil price also decreased by 0.50% to $107.23 per barrel;

Due these changes, the difference between Brent oil price and WTI oil prices slightly rose to $11.36/bbl. During November, WTI oil price inclined by 2.9%, while Brent oil price decreased by 2.1%.

Natural gas Henry Hub future price (December delivery) slightly rose by 1.17% to $3.46/mmbtu. The Henry Hub spot price sharply declined by 7.21% to $2.83/mmbtu; the gap between the spot and future price sharply rose to $0.63, 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 23

For further reading:

Weekly Analysis and Outlook: