Gold and Silver Prices Rallied on Friday –Recap November 11

The financial community seems to have calmed down in regards to the situation in Europe in particular vis-à-vis Greece and Italy; major commodities prices continued to rally and sharply rose on the last day of the week along with rally of Euro, CAD and CHF: gold and silver prices inclined; crude oil prices also continued to increase; natural gas prices on the other hand sharply fell again. Here is a summary of the price movements of precious metals and energy commodities for November 11th:

Precious Metals Prices:

Gold price bounced back and inclined yesterday by 1.62% and reached $1,788.10; Silver price also inclined by 1.69% to reach $34.68. During November, gold price rose by 3.6%, and silver price moderately increased by 0.95%. 

The Euro to US Dollar exchange rate inclined to 1.375 – i.e. the USD depreciated against the Euro. Furthermore, the USD depreciated against the CHF and Canadian dollar.

Oil and Gas Prices:

WTI oil price rose by 1.24% to $98.99 per barrel; Brent oil price also inclined by 0.91% to $113.76 per barrel;

Due these changes, the gap between Brent and WTI slipped to $14.77/bbl. During November, WTI oil price rose by 6.2%, and Brent oil price increased by 3.9%.

Natural gas Henry Hub future price (December delivery) decreased by 1.81% to $3.58/mmbtu. The Henry Hub spot price also sharply fell by 5.75% to $3.28/mmbtu; the gap between the spot and future price sharply rose to $0.30, i.e. 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 11

For further reading:

Monthly Analysis and Outlook: