Gold and Silver Sharply Fell Yesterday –Recap November 17

Major commodities prices changed direction and sharply fell yesterday along with the rest of the markets including American stock markets: gold and silver prices sharply declined; crude oil prices also followed and plummeted; natural gas future prices changed direction and rose yesterday. Many currencies including Euro and AUD only slightly depreciated against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 17th:

Precious Metals Prices:

Gold price sharply fell yesterday by 3.05% and reached $1,720.20; Silver price also took a dive and declined by 6.87% to reach $31.50. During November, gold price declined by 0.3%, and silver price decreased by 8.32%. 

The Euro to US Dollar exchange rate slightly fell again by 0.04% to 1.3458 – i.e. the US Dollar appreciated against the Euro. The US Dollar also appreciated against other currencies such as the Australian dollar.

Oil and Gas Prices:

WTI oil price sharply decreased as well by 3.67% to $98.82 per barrel; Brent oil price also declined by 2.90% to $107.86 per barrel;

Due these changes, the difference between Brent oil price and WTI oil prices rose to $9.04/bbl. During November, WTI oil price rose by 6.0%, while Brent oil price decreased by 1.5%.

Natural gas Henry Hub future price (December delivery) increased by 2.10% to $3.41/mmbtu. The Henry Hub spot price remained unchanged at $3.12/mmbtu; the gap between the spot and future price rose to $0.29, 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 17

For further reading:

Weekly Analysis and Outlook: