Dollar's falls V/S dollar
Gold hits record high above 1282$
Crude slipped down $ 4 to end the week at $ 74.81
Copper recovers from its last week low
Nickel trading near recent high
Gold touched an all time new high this week fueled by the volatile & uncertain global
markets. Gold opened the week at $ 1245 and rallied $ 33 to touch an all time high of $
1282.78 after breaching recent weekly highs of $ 1274.60 $ 1277.80. It rallied almost $ 37
due to complete lack of confidence of global investors in the governments to sort out the
financial mess. The fundamental factor for gold was recent hike in Thailand’s gold holding
which is raised by a fifth in July and demand from other major Asian economies like China
and India. Though, Gold lost $ 10 at the weekend on profit booking ending the week at
$1274.03. Silver eclipsed gold and touched a new two and a half year high of $ 20.98 and
settled at $ 20.72
Crude oil prices shred its last week gains after touching a five week high of $ 78.02.
Crude slipped down $ 4 to end the week at $ 74.81. Crude prices cracked due to
downbeat Philly fed manufacturing index data at (-) 0.7 & empire state manufacturing data
down at 4.1. The crucial factor for slipped down crude prices was repairing of Enbridge
energy partners link pipeline and accumulated crude inventories at (-)2.5m vs. (-)1.9m.
Crude oil gained as EIA reported increased number of supplies later this week but fears of
deflation pushed the prices down again. Natural gas surged this week to a monthly high of
4.134 due to speculation of a tropical weather system developing in Caribbean.
As per EIA, natural gas storage came at 103b vs. 58b.
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