Comex gold price rallies to a new 2010-high at 1219.4, one more step closer to record high of 1227.5 made in December, as fears over sovereign crisis resurfaces. Moody’s said it may…
Category: Oil & Gold Report
Gold Tumbles as China is Uninterested in IMF’s Sales
Crude oil price continues sliding in European morning with the front-month contract extending weakness to 78.3, after a -1.8% Tuesday. Investors remain worried about the unexpected decline in US consumer confidence. After…
Crude Oil Remains Supported in European Morning
Crude oil continues to trade around 71/72 while gold hovers around 1070/1075 in European morning. Stock markets and the euro also stabilize after the slide last Friday. Oil demand in China looked…
Correlation Between Oil and Stock Markets Rises Again
Although oil prices stabilize after tumbling Thursday, the near-term outlook remains weak. The front-month contract of WTI crude oil price is hovering around 73 in European session as stock markets continue to…
Renewed Concerns on European Debt Defaults Weigh on Risky Assets
Investors dump risky assets amid renewed concerns about sovereign default risks in European countries. In Greece, although the government’s plan to reduce deficit received support from the European Commission, it is opposed…
Crude Rebounds as Strong European PMIs Halt USD’s Rally
Crude oil rebounds to 73.2 in European morning in tandem with the equity market as strong manufacturing PMI readings in European countries boosted sentiment and buying interest in the Euro. The White…
Weekly Fundamental Outlook for Energies and Metals – Worries about Contagious Sovereign Risk Damped Sentiment
Macroeconomic events were the focus of last week and strength in USD put commodity prices under pressure for the second week. The USD index gained +1.5% last week as concerns about sovereign…
Weekly Fundamental Outlook for Energies and Metals – US/China Policy Uncertainty Weighed on Commodities
The commodity sector got hammered last week as investors worried that overheating in China and US’ bank proposal to curb risk-taking would reduce demand for higher-yield assets. The Reuters/Jefferies CRB Index dropped…
Oil Price Pulls Back as EZ Economic Sentiment Weakened
Crude oil pulls back in European session in tandem with drops in stock markets. Slightly worse-than-expected consumer sentiment in the Eurozone drove investors away from higher-yield assets. Currently trading at 77.6, the…
China Guided Yields Higher Again, Commodities Did Not React
Crude oil trades within a narrow range of 78 and 78.7 in Asian session. Sideways trading is expected to continue until European or even NY sessions when more economic data will be…