Gold Silver and Oil Rallied from Friday’s fall –Recap January 17

Gold and silver continued their upward trend and rallied from Friday’s falls by sharply rising on Tuesday’s trading.  Despite S&P’s downgrade of France and eight other EU countries’ credit rating the Euro and other currencies appreciated against the U.S. dollar on Tuesday; crude oil prices also rose , while natural gas price continue its free fall. Here is a summary of the price developments of precious metals and energy commodities for January 17th, 2012:

Precious Metals :

Gold sharply rose on Tuesday by 1.52% to $1,655.60; Silver also rose by 2.08% to reach $30.14. During January, gold rose by 5.7%, and silver by 7.95%. 

The Euro/USD increased yesterday by 0.45% to 1.2737; the U.S Dollar also depreciated against other currencies such as the Australian dollar.

Oil and Gas :

WTI price increased by 2.04% to $100.71 per barrel; Brent oil price also slightly increased by 0.35% to $111.26 per barrel;

Due to these changes, the gap between Brent and WTI prices sharply fell to $10.55/bbl. During January, WTI price rose by 1.9%, and Brent price rose by 3.4%.

Natural gas future price (February delivery) sharply fell again by 6.74% to $2.49 /mmbtu. The Henry Hub spot also sharply declined to $2.51 /mmbtu; the difference between the spot and future price slipped to -$0.02, i.e. Backwardation.

A Summary of Yesterday’s 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 oil prices, Natural gas price 2012  January 17

For further reading:

Weekly Analysis and Outlook:

 Monthly Analysis and Outlook: