Following the modest fall for gold and silver prices on Friday, they have started the week with sharp gains; crude oil prices continued their upward trend and moderately inclined yesterday as well. Natural gas prices on the other hand sharply fell. Here is a summary of the price movements of precious metals and energy commodities for November 7th:
Precious Metals Prices:
Gold price sharply inclined yesterday by 1.99% and reached $1,791.10; Silver price also increased by 2.18% to reach $34.83. During November, gold price rose by 3.8% and silver price increased by 1.38%.
The Euro to US Dollar exchange rate slightly slipped to 1.3776 – i.e. the USD appreciated against the Euro. On the other hand, the USD moderately depreciated against the Australian dollar.
Oil and Gas Prices:
WTI oil price inclined by 1.34% to $95.52 per barrel; Brent oil price also inclined by 1.83% to $114.61 per barrel;
Due these changes, the gap between Brent and WTI increased to $19.09/bbl. During November, WTI oil price rose by 2.5%, and Brent oil price increased by 4.6%.
Natural gas Henry Hub future price (December delivery) sharply decreased by 2.38% to $3.69/mmbtu. The Henry Hub spot price fell by 4.01% to $3.35/mmbtu; the gap between the spot and future price rose to $0.34, 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 7
- Oil Prices – Daily Outlook November 7
- Weekly Outlook for 7-11 November
Monthly Analysis and Outlook: