Gold & silver prices keep on rising –August 17

Gold and silver prices continue their rally, but at a slower pace than in the beginning of the week; oil prices keep on seeking direction and as have bounced back from their recent sharp downward trend at the beginning of August;  natural gas price (Henry Hub) declined for the fourth straight business day.

Here is a summary of the price movements of precious metals and energy commodities for August 17th:

Gold increased yesterday by 0.49% to $1,793; Silver also inclined by 1.33% to $40.38.

During August, gold increased by 10%, and silver inclined by only 0.7%.

The EURO/ USD slightly inclined yesterday by 0.12%, as the USD depreciated against the EURO. During August the EURO/USD slightly rose by 0.2% compared to its initial level at the beginning of the month. 

WTI oil continues to seek direction as this energy commodity finished yesterday with a 1.07% increase to reach $87.58 per barrel; during August the WTI declined by 8.5%. Brent also slightly increased by 0.88% to $110.65 per barrel.

Due to these changes, the difference between Brent and WTI slightly inclined to $23.07/bbl.

Henry Hub future price (September delivery) very moderately declined by 0.25% to $3.93/mmbtu. The Henry Hub spot also declined by 1.49% to $3.97/mmbtu; the gap between the spot and future price inclined to -$0.04, i.e. backwardation. During August, natural gas fell by 6.8%.

 For further reading:

Gold & Silver Price – Daily Outlook 17 August

Crude Oil Prices daily outlook 17 August

 

Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.  

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