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13 Sep 2013
Gold losing “shining” on sudden price tumble
FXstreet.com (Athens)- The commodities headed in mixed ways on the previous trading session; oil prices rose on greenback weakening, while the spot price of the gold dropped 3 percent.
While the DXY hit a two-week low of 81.356, the weakest since Aug. 28., global oil prices rose for a second straight day on Thursday. Despite the fact of the “greenback” weakening, global oil prices soared across the board due also to the fact that investors monitored diplomatic efforts to eliminate Syria's chemical weapons and Libya declared force majeure on another three ports. Elaborating on, Benchmark Brent crude oil for October, which expires on Friday, rose $1.13 to settle at $112.63. What’s more, the contract for November delivery rose $1.34 to settle at $111.53. At the time of writing on Friday’s European trading session, the Crude WTI is trading down 0.06%, while the Brent is trading up, 0.20%.
The spot price of gold, smashed on Thursday, losing 3% on a daily basis, as a sudden price tumble in the futures market shattered investor confidence, sending the metal to its biggest one-day drop in more than two months. Earlier, the metal hit $1,317.24, its weakest since Aug. 14. Moreover, U.S. gold futures for December delivery settled down $33.20 an ounce at $1,330.60, with trading volume at about 10 percent above its 30-day average. As it is widely known, silver is heavy correlated with the price of gold when especially the market goes downwards, therefore traders should not taken aback by the fact that silver has lost 8 percent so far this week. At the moment, the silver is trading up +0.92%, while gold is up +0.45%.
While the DXY hit a two-week low of 81.356, the weakest since Aug. 28., global oil prices rose for a second straight day on Thursday. Despite the fact of the “greenback” weakening, global oil prices soared across the board due also to the fact that investors monitored diplomatic efforts to eliminate Syria's chemical weapons and Libya declared force majeure on another three ports. Elaborating on, Benchmark Brent crude oil for October, which expires on Friday, rose $1.13 to settle at $112.63. What’s more, the contract for November delivery rose $1.34 to settle at $111.53. At the time of writing on Friday’s European trading session, the Crude WTI is trading down 0.06%, while the Brent is trading up, 0.20%.
The spot price of gold, smashed on Thursday, losing 3% on a daily basis, as a sudden price tumble in the futures market shattered investor confidence, sending the metal to its biggest one-day drop in more than two months. Earlier, the metal hit $1,317.24, its weakest since Aug. 14. Moreover, U.S. gold futures for December delivery settled down $33.20 an ounce at $1,330.60, with trading volume at about 10 percent above its 30-day average. As it is widely known, silver is heavy correlated with the price of gold when especially the market goes downwards, therefore traders should not taken aback by the fact that silver has lost 8 percent so far this week. At the moment, the silver is trading up +0.92%, while gold is up +0.45%.