BS: Futures and Forex – Dollar declines vs Yen and Euro while Oil Gold and Silver Prices Advance
(Best Syndication News) Gold prices hit a new high today as traders turned to commodities including oil and silver (see forex and commodity charts below). Part of the increase could be attributed to a falling dollar, but commodities were higher in Asia as well.
Precious Metals
Gold prices broke another record Wednesday as various economic factors worsened (see survey #2 settle price chart below). Extremely low interest rates from the UK, Japan and the United States made gold even more attractive.
The Bank of England (BOE) released their monetary policy meeting minutes Wednesday. The central bank cited slowing economic conditions as a reason for maintaining the Bank Rate at 0.5 percent.
Silver and gold prices were higher Wednesday. December gold on the COMEX jumped $5.30 (+0.30%) to $1,793.80 a troy ounce. Silver for September delivery increased 53 cents (+1.34%) to $40.35 an ounce. The ratio between the two precious metals tightened to 44.5.
All of the precious metals were higher on the Tokyo Commodity Exchange (TOCOM). Gold for June 2012 delivery increased six yen (+0.14%) to ¥4,410 per gram. Silver increased one yen to ¥99 per gram. Platinum and palladium prices were also higher. See the TCOM chart below for conversions to dollars / ounce.
Energy Prices
Light sweet crude oil (WTI) on the New York Mercantile Exchange (NYMEX) increased 93 cents (+1.07%) to $87.58 a barrel. Since the settle LSC has fallen $1.37 to $86.21. The Energy Information Administration reported that inventories rose by 4.233 million barrels in the week ending Aug. 12. That was more than expected.
Brent Crude on the Intercontinental Exchange (ICE) fell 78 cents (-0.71%) to $109.13.
Currency Exchange Rates
The Canadian and U.S. dollar declined against all major currencies on Wednesday (see cross tables below). The British pound and Swiss franc were the big winners.
The dollar (USD) declined 0.26 percent vs the Australian dollars (AUD), 0.08 percent vs the Euro (EUR), 0.02 percent vs the Japanese yen (JPY), 0.56 percent vs the British pound sterling (GBP), 0.20 percent vs the franc (CHF), and 0.01 percent versus the Canadian dollar (CAD).
The Bank of England (BOE) released their monetary policy meeting minutes Wednesday. The central bank cited slowing economic conditions as a reason for maintaining the Bank Rate at 0.5 percent.
Silver and gold prices were higher Wednesday. December gold on the COMEX jumped $5.30 (+0.30%) to $1,793.80 a troy ounce. Silver for September delivery increased 53 cents (+1.34%) to $40.35 an ounce. The ratio between the two precious metals tightened to 44.5.
All of the precious metals were higher on the Tokyo Commodity Exchange (TOCOM). Gold for June 2012 delivery increased six yen (+0.14%) to ¥4,410 per gram. Silver increased one yen to ¥99 per gram. Platinum and palladium prices were also higher. See the TCOM chart below for conversions to dollars / ounce.
Energy Prices
Light sweet crude oil (WTI) on the New York Mercantile Exchange (NYMEX) increased 93 cents (+1.07%) to $87.58 a barrel. Since the settle LSC has fallen $1.37 to $86.21. The Energy Information Administration reported that inventories rose by 4.233 million barrels in the week ending Aug. 12. That was more than expected.
Brent Crude on the Intercontinental Exchange (ICE) fell 78 cents (-0.71%) to $109.13.
Currency Exchange Rates
The Canadian and U.S. dollar declined against all major currencies on Wednesday (see cross tables below). The British pound and Swiss franc were the big winners.
The dollar (USD) declined 0.26 percent vs the Australian dollars (AUD), 0.08 percent vs the Euro (EUR), 0.02 percent vs the Japanese yen (JPY), 0.56 percent vs the British pound sterling (GBP), 0.20 percent vs the franc (CHF), and 0.01 percent versus the Canadian dollar (CAD).
