Gold and Silver Continued to Zigzag and Fell –Recap November 16

Major commodities prices continued to zigzag with no clear direction especially the bullion prices: gold and silver prices moderately fell; WTI oil price sharply rose, while Brent oil price slipped; natural gas prices continued to decline. Many currencies including Euro, CAD and AUD kept on depreciating against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 16th:

Precious Metals Prices:

Gold price moderately declined yesterday by 0.44% and reached $1,774.30; Silver price also slightly declined by 1.84% to reach $33.82. During November, gold price rose by 2.8%, while silver price moderately decreased by 1.55%. 

The Euro to US Dollar exchange rate declined again by 0.56% to 1.3464 – i.e. the US Dollar appreciated against the Euro. Furthermore, the US Dollar appreciated against the Australian dollar and Canadian dollar.

Oil and Gas Prices:

WTI oil price sharply increased and added 3.24% to its value to $102.59 per barrel; Brent oil price also inclined by 0.37% to $112.57 per barrel;

Due these changes, the difference between Brent oil price and WTI oil prices reached $8.49/bbl – a new low for the past several months. During November, WTI oil price rose by 10.1%, and Brent oil price increased by 1.4%.

Natural gas Henry Hub future price (December delivery) decreased by 1.76% to $3.34/mmbtu. The Henry Hub spot price also moderately fell by 0.32% to $3.12/mmbtu; the gap between the spot and future price declined again to $0.22, but 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 16

For further reading:

Weekly Analysis and Outlook: