Gold and silver prices continued their rally back from the free gall they had endured on Tuesday and Wednesday. Bernanke gave a speech in Jackson Hole about the short and long term economic outlook of US; he didn’t refer to any stimulus program, but also kept the door open for future steps by the Fed. Crude oil prices continue to climb up again; natural gas spot price (Henry Hub) ended the week with falls.
Here is a summary of the price movements of precious metals and energy commodities for August 26th:
Precious Metals prices:
Gold price inclined yesterday by 1.93% to $1,797; Silver price also slightly inclined by 051% to $41. During August, gold prices increased by 10.2%, and silver price by only 2.2%.
The EURO to US Dollar exchange rate changed direction again and increased by 0.83% – i.e. the USD depreciated against the EURO. During August, the EURO to US Dollar slightly rose by 0.69%.
Oil and Gas prices:
WTI Spot oil price inclined by 0.2%; it settled at $85.37 per barrel; during August, the WTI spot oil price declined by 10.80%. Brent spot price also rose by 0.70% to $111.90 per barrel.
Due to these changes, the difference between Brent and WTI inclined to $26.53/bbl.
Natural gas Henry Hub future price (September delivery) remained unchanged at $3.93/mmbtu. The Henry Hub spot price fell by 1.25% to $3.96/mmbtu; the gap between the spot and future price shrunk again to -$0.03, i.e. backwardation. During August, natural gas spot price (Henry Hub) fell by 7%.
A summary of yesterday’s Prices Changes:
The table below includes: closing prices, daily percent change, and change in prices and indexes in US dollars (except for USD/CAD, in which the change is in Canadian dollars):
For further reading:
Monthly Analysis and Outlook: