BS:Futures and Commodities – Oil Gold and Silver Prices Higher in New York but Crude down in Asia
(Best Syndication News) Gold and silver were higher in New York and Tokyo today (see commodities charts below). Palladium was higher but platinum and copper fell.
Precious Metals
While good economic news can put upward pressure on gold prices, uncertainty can drive prices lower. Most of the uncertainty involves the European Union and the Greek sovereign debt crisis.
August gold on the COMEX advanced $2.90 (+0.19%) to $1,542.00 a troy ounce (see survey #2 settle price table below). Unlike most equities, the price of gold is higher over the last month and 100-days.
Silver for July delivery advanced 32 cents (+0.90%) to $36.07 an ounce. The ratio between gold and silver was 43 and the trend over the last 30-days is lower.
Platinum was down 1.23 percent and palladium was up 0.56 percent.
While the dollar and gold can both act as safe havens; lower dollar values can drive the price of gold higher. The declining dollar may be pressing gold higher.
In Tokyo, both gold and sliver were higher on Monday (see Tokyo Commodity Exchange chart below). Silver was up 1.97 percent hitting $36.24 while gold was up 0.58 percent to $1,548.60.
Energy Prices
Light sweet crude oil in New York was higher, up 62 cents (+0.67%) to $93.63 a barrel. Over the last week oil is still down 3.77 percent.
Brent crude on the Intercontinental Exchange (ICE) fell $1.52 (-1.34%) to 111.69 a barrel.
In Tokyo both crude oil and gasoline were lower. Crude oil was down 1.38 percent while gasoline was down 1.54 percent.
Investors see slowing growth and this could be driving oil lower. Obviously, uncertainty in Greece is playing a role as well.
