Gold and Silver Renewed Their Rally –Daily Recap October 12

Gold and silver renewed their rally as they have inclined yesterday; oil prices moderately moved yesterday with no clear direction; NG prices also demonstrated a mixed trend with the future price (short term) sharply fell, while the spot price slightly increased. Here is a summary of the price movements of precious metals and energy commodities for October 12th:

Gold sharply inclined yesterday by 1.30% to $1,682; Silver, also added 2.47% to its value to reach $32.79. During October, gold inclined by 3.7% and silver increased by 9.0%. 

The Euro/USD sharply inclined yesterday by 1.11% to 1.3792 – i.e. the USD depreciated against the Euro. The USD also depreciated yesterday against other currencies including the AUD and CAD.

WTI price slightly decreased yesterday by 0.28% to $85.57 per barrel; Brent price on the other hand increased by 0.76% to $110.18 per barrel;

Due these changes, the difference between Brent and WTI rose to $24.61/bbl. During October, WTI rose by 8.0%, and Brent increased by 4.5%. 

NG Henry Hub future (November delivery) sharply declined by 3.59% to $3.49/mmbtu. The Henry Hub spot on the other hand added 0.57% to its value and settled at $3.54/mmbtu; the gap between the spot and future price plummeted to -$0.05/mmbtu, i.e. backwardation.

 For further reading:

  • Gold & Silver Prices – Daily Outlook October 12
  • Oil Prices – Daily Outlook October 12
  • Weekly Outlook for October 10-14

 

Monthly Analysis and Outlook:

  • Gold and Silver Prices Monthly Outlook for October 2011
  • Natural Gas Prices Outlook for October 2011

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