BS:Futures and Commodities – Nearly All Commodity Advance – Gold Silver Oil Prices Higher
(Best Syndication News) Several factors are at work pushing commodity prices higher today (see charts below). Investor confidence that a solution in Greece will be reached helped push the dollar lower and gold continued to rise. An improvement in the economy could help boost oil prices despite a release of petroleum from strategic reserves around the world.
Precious Metals
Both gold and silver increased in value today (see survey #2 settle price below). August gold on the COMEX increased $3.80 (+0.25%) to $1,500.20 a troy ounce. Silver also increased, up 32 cents (+0.95%) to $33.91 a troy ounce.
In Asia commodities were higher (see Tokyo Commodity Exchange chart below). Gold was up 35 yen per gram (+0.90%) to ¥3,929 ($1,510.79/ounce). Silver increased even quicker, up two yen to ¥89 per gram ($34.22/ounce).
Platinum and palladium were higher in the United States and Japan.
Copper prices were higher too. The metal has been higher over the last week, month, and 100-day period.
Energy Prices
Gold and oil don’t always travel in the same direction. Gold is a hedge against uncertainty while oil fluctuates according to supply and expected demand. Oil prices typically advance on improved economic expectations.
August crude oil (WTI) on the NYMEX jumped $2.28 (+2.52%) to $92.89 a barrel. Brent crude was up $3.66 (+3.48%) to $108.78.
Heating oil, coal, and natural gas were all higher on Tuesday. Since the settle, gold silver and oil all continued to advance in New York.
Agricultural Products
Nearly all commodities were higher Tuesday. Cocoa, coffee, copper, corn, cotton, sugar and wheat were all higher (see survey #1 table below). Orange juice was lower. Live cattle and feeder cattle were both higher, but lean hog futures were lower.
