Precious Metals
Precious metals prices ended Wednesday with gains following weakness in the US currency, which persuaded investors to go for gold. Positive economic data from US, the largest economy, also led to improved risk appetite among investors boosting the appeal of commodities prices as a whole.
According to the American Commerce department the US retail sales climbed 1.6 percent in the last month as against the expectations of 1.3 percent increase. COMEX gold June delivery settled up $6.20 at $1,159.60 an ounce.
Energy
Crude oil prices recovered and ended with gains for the first time this week as positive economic data and fall in inventories supported the market sentiments along with a weaker US currency.
On the New York Mercantile Exchange, May crude rose $1.79, or 2.13 percent, to settle at $85.84 a barrel. Natural gas prices also followed crude oil on Wednesday and ended with gains as profits booking helped prices pull itself back from dips.
Natural gas for May delivery on the New York Mercantile Exchange settled 3.9 cents, or 0.94%, higher at $4.199 a million British thermal units.
Base Metals
Base metals prices also buoyed on Wednesday amidst falling US dollar and strong economic data releases. The weakness in the US dollar supported the metal with strong retail sales and positive corporate earnings. Nickel prices have also risen with it trading near recent highs. Supply disruptions and falling stocks are supporting the sentiments in the market.
