Crude oil had volatile trading but ended the day with little change. While prices were supported on the one hand by encouraging PMI data in the US, UK and China, they were pressured by the less than expected drop in API’s inventory estimate and Saudi Arabia’s declaration to increase output if Southern Iraqi supplies were disrupted.
See more here:
Crude Ended a Volatile Day with Little Change as Inventory Decline Disappointed
Markets were largely quiet as investors began to turn the attention to the ECB meeting and the US employment report next week. Wall Street fluctuated between gains and losses as the dataflow was mixed. The DJIA and the S&P 500 indices slipped -0.03% and -0.19% respectively. Crude oil soared with the front-month WTI crude rising to a 2-week high of 101.70 before ending the day at 101.28, up +1.02% while the Brent crude contract settled at 107.83 and gained +0.75%.
See the original post here:
Crude Oil Gained as Jobless Claims Surprised to the Downside while Russia-Ukraine Crisis Continued
Gold priced remained under pressure and continued hovering below 1300 in European session. Outlook of the yellow metal has dampened further after the Fed signaled last week that tapering of QE measures could come as soon as later this year.
Go here to read the rest:
I-Banks Rushed to Cut Gold Price Forecasts
Crude oil prices traded within a narrow range after rising moderately yesterday as investors reacted to the downward revisions of the World Bank’s economic forecasts. Earlier this week, the IEA, OPEC and EIA released their monthly oil reports with all 3 agencies anticipating demand this year will increase moderately as driven by expansion in emerging markets.
See the original post:
Oil Agencies Forecast Global Demand to Increase Moderately This Year and in 2014
Commodity prices slipped across the board, amid speculations that the Fed would taper QE measures by the end of the year as recent US economic data showed improvement. During the week, the BOJ minutes for the April meeting suggested that while policymakers generally agree asset purchases should continue until the inflation target of 2% is reached, some of them were concerned that the target might not be achieved. The central bank also raised the economic outlook.
Originally posted here:
Weekly Fundamentals – Commodities Weakened on QE Reduction Speculations
Commodities remained firm in European session with higher than expected GDP growth in the UK lifting market sentiment. Concerning crude oil, the front-month WTI contract climbed further to 91.98 while the Brent crude contract soared to 102.22 earlier in the day.
View post:
Sentiment Lifted as UK Averts Recession
Asian shares plunged on Monday amid worries about property price curbs in China after the State Council stated last week that the government could increase required down payments and loan rates for buyers of second homes.
View original post here:
Government Curbs on Chinese Property Market Damped Sentiment
Gold prices have been trading sideways for several months now after posting an 8 percent gain for 2012, so what’s in store for the price of gold for 2013?
The value of physical gold rose for the 12th consecutive year in 2012. Gold prices are largely driven by sentiment. The annual production of gold is only about 3 percent of the stock of gold held by investors around the globe, which means any price move in the metal is driven by sentiment, not annual supply and demand.
Global Financial Crisis
Although gold has had a great run in the last 12 years, much of the gains have come in response to the uncertain times unleashed by the global financial crisis and it looks set that this year will be no different.
Investing in gold is seen as a wise strategy when other markets (stock markets in particular) are failing however this year stock markets are rocketing higher, whilst gold prices are holding their ground near $1660 an ounce. All this positive market sentiment has not had a negative effect on gold. So what’s going on?
Bursting Bubbles
Several analysts believe that stock markets are rising due to investors fearing a bubble in Western bond markets are channeling funds into stocks. So the money men are moving investments from one type to another, safer place.
With currency markets continuing to follow no clear pattern again this year, the value of the US dollar also plays a part for gold prices. Any fall in the US dollar would also be positive for gold, as its price often picks up in response to US dollar weakness. The US Federal Reserve is again pledging to continue its aggressive easing policy measures this year.
Sentiment, a weaker US dollar and a continuation of the global financial crisis should mean that gold prices may well loose a little in the short term as stock markets gain, however it looks like 2013 should see another positive year for the precious metal. We ould see the trend of rising gold prices continuing as investor optimism towards stocks and bonds dwindles and they look for something solid to protect them for years to come.
.
You can like our page on Facebook and keep up to date with the latest oil, gold, dollar and euro news with liveoilprices.
……………………………………………………….
Our website is now fully optimised for viewing through mobile devices, tablets and of course standard computers.
This article was written by: JR @ liveoilprices.co.uk
You can also share this story using the social media below:
Read the original post:
What’s in store for the price of gold in 2013?
The commodity sector was the worst performer in 2012 when compared with other asset classes such as bonds, currencies and stocks. The key reasons were weakness in crude oil prices and strength in precious metals lessened.
Read the original post:
Weekly Fundamentals – WTI to Reconnect to Global Market in 2013