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):
For further reading:
- Gold & Silver Prices – Daily Outlook January 17
- Gold and Silver Prices Outlook for January 2012
- Crude Oil Prices Yearly Report 2011-2012
- Where are Gold and Silver Headed in 2012?
Weekly Analysis and Outlook:
- Gold and Silver Prices Weekly Outlook for January 16-20
- Crude Oil Prices – Weekly Outlook January 16-20
- Weekly Outlook for 16-20 January
Monthly Analysis and Outlook: