The financial markets continued to rally following the news from Europe including: the ECB cutting the rate by 0.25 percent points to 1.25% and the chance of Greece canceling the Referendum. Yesterday major commodities prices rallied: gold and silver prices finished trading in the green; crude oil prices also inclined. Natural gas (future) prices also slightly rose. Here is a summary of the price movements of precious metals and energy commodities for November 3rd:
Precious Metals prices:
Gold price sharply inclined yesterday by 2.05% and reached $1,765.10; Silver price also increased by 1.64% to reach $34.50. During the week, gold price rose by 1.0% but silver price decreased by 2.2%.
The Euro to US Dollar exchange rate slightly rose to 1.3823 – i.e. the USD depreciated against the Euro. Furthermore, the USD depreciated against other currencies including CAD and AUD.
Oil and Gas prices:
WTI oil price rose by 1.69% to $94.07 per barrel; Brent oil price also inclined by 1.36% to $111.02 per barrel;
Due these changes, the gap between Brent and WTI slightly fell to $16.95/bbl. During the week, WTI oil price rose by 0.8%, and Brent oil price increased by 0.2%.
Natural gas Henry Hub future price (December delivery) increased by 1.07% to $3.78/mmbtu. The Henry Hub spot price remained unchanged at $3.40/mmbtu; the gap between the spot and future price rose to $0.38, 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):
For further reading:
- Gold & Silver Prices – Daily Outlook November 3
- Oil Prices – Daily Outlook October 31
- Weekly Outlook for October 31 – November 4