Gold price inclined again yesterday and reached new highs despite the recovery of the major stock markets from Monday’s falls; silver price continued to fall; crude oil prices had a mixed trend as the WTI spot oil price declined, while Brent oil moderately inclined; natural gas spot price (Henry Hub) inclined.
Here is a summary of the price movements of precious metals and energy commodities for August 9th:
Precious Metals prices:
Gold price inclined yesterday by 1.74% to $1,733 – a new high price level in 2011; Silver price on the other hand sharply declined by 3.80% to $37.88.
During August, gold prices increased by 6.9%, but silver price fell by 5.5%.
The EURO/ USD sharply rose yesterday by 1.4%, as the USD depreciated against the EURO. During August the EURO/USD fell by 0.2% compared to its initial level at the beginning of the month.
Oil and Gas prices:
WTI Spot oil price declined again yesterday by 2.47% to $79.30 per barrel; during August the WTI spot oil price declined by 17.1%. Brent spot price changed direction and increased by 0.62% to $104.1 per barrel.
Due to these changes, the difference between Brent and WTI sharply inclined to $24.80/bbl.
Natural gas Henry Hub future price (September delivery) rose by 1.27% to $3.99/mmbtu. The Henry Hub spot price also inclined by 1.75% to $4.07/mmbtu; the gap between the spot and future price fell to -$0.08, i.e. backwardation. During August, natural gas spot price (Henry Hub) fell by 4.5%.
A summary of yesterday’s Prices Changes:
The table below includes: closing prices, daily percent change, and change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):
For further reading:
Monthly Analysis and Outlook: