With all the news items pouring in from Europe regarding the political changes in Greece and Italy, the financial markets were unstable and shifted directions throughout the day; by the end of the business day: gold and silver prices decline, while crude oil prices bounced back and sharply increased. Natural gas prices shifted direction and moderately fell. Here is a summary of the price movements of precious metals and energy commodities for November 10th:
Precious Metals Prices:
Gold price decreased yesterday by 1.79% and reached $1,759.60; Silver price also declined by 0.74% to reach $34.11. During November, gold price rose by 2.0% while silver price decreased by 0.72%.
The Euro to US Dollar exchange rate slightly inclined to 1.3606 – i.e. the USD depreciated against the Euro. Furthermore, the USD depreciated against the Canadian dollar and Australian dollar.
Oil and Gas Prices:
WTI oil price bounced back and rose by 2.13% to $97.78 per barrel; Brent oil price also inclined by 0.45% to $112.73 per barrel;
Due these changes, the gap between Brent and WTI sharply declined to $14.95/bbl. During November, WTI oil price rose by 4.9%, and Brent oil price increased by 2.9%.
Natural gas Henry Hub future price (December delivery) moderately decreased by 0.11% to $3.65/mmbtu. The Henry Hub spot price also fell by 1.69% to $3.48/mmbtu; the gap between the spot and future price sharply inclined to $0.17, 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: