Gold’s London AM fix this morning was USD 1,725.50, EUR 1,309.88, and GBP 1,099.33 per ounce.
Yesterday’s AM fix was USD 1,721.00, EUR 1,303.10, and GBP 1,091.80 per ounce.
Overview
Crude prices edged higher yesterday as a better than anticipated economic sentiment in Germany, Europe’s biggest economy discarded energy investors’ pessimism after Moody’s Investors Services slashed the credit rating for a number of euro zone members. Some extra support for oil prices was also provided by the escalation of geopolitical tensions with Israel accusing Iran of attacks on its diplomats abroad. Like usual on Wednesday, the release of weekly oil inventories is expected to offer near term direction for the energy complex.
Gold’s London AM fix this morning was USD 1,743.00, EUR 1,315.17, and GBP 1,095.95 per ounce.
Yesterday’s AM fix was USD 1,720.00, EUR 1,308.98, and GBP 1,087.56 per ounce.
Overview
News that Dow Jones reached a record high, last seen on May 2008 sparked a quick and sharp rally in crude prices as optimism over the US economy was seen to keep oil in high demand. A weakening US dollar on renewed hopes that Europe could solve its troubles also added support for the energy sector. Later today, the US Department of Energy will release its weekly inventories report, offering guidance regarding the possible short term direction and investors will be keen to see if this time the numbers will confirm the positive oil demand implied by the Nonfarm payrolls.
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