Gold and Oil Started off the Week Falling –Recap May 7th

Following the results of the French and Greek elections that were held over the weekend the markets started off the week on a negative note: Gold and silver prices decreased after they had both rose on Friday. Crude oil prices continued their downward trend; natural gas future price bounced back and increased yesterday. Finally, the Euro depreciated again against the U.S. dollar for the sixth consecutive business day; other currencies such as the Canadian dollar also slipped vs. the USD.

Here is a summary of the daily shifts in precious metals and energy commodities for May 7th, 2012:

Precious Metals:

Gold price decreased by 0.37% to $1,639; Silver price also declined by 1.02% and reached $30.12. During the month, gold declined by 1.51% and silver by 2.88%.

The Euro/USD slipped again by 0.24% to 1.3051; furthermore, the U.S Dollar also appreciated against other exchange rates such as the Canadian dollar.

Energy Commodities:

WTI oil price declined again by 0.56% to $97.94 per barrel; Brent oil also edged down by 0.01% to $113.15 per barrel;

Following these changes, the gap between Brent and WTI oil prices reached $15.21/bbl. During the month, WTI fell by 6.61% and Brent oil declined by 5.4%.

The Henry Hub future (June delivery) sharply rose by 2.19% to $2.33/mmbtu; the Henry Hub spot price decreased to $2.3/mmbtu; the difference between the spot and future was $0.03/mmbtu, i.e. Contango.

A Summary of Changes for May 7th:

The table below includes: closing prices, daily percent changes, and daily changes:

 Gold price Silver Crude oil prices, Natural gas 2012 may 7

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