25 Sep 2013
Gold rises putting an end to a three-day losing streak
FXstreet.com (Athens)-Both the gold and the oil are moving higher despite easing tensions between Iran and the West.
The dollar edged up 0.2 percent at 80.576, but its outlook remained downbeat after the Fed last week decided to keep its asset purchases intact for now. Still while the “greenback” seems to gain –again- a firmer trend as the post- FOMC party gets “off”, the oil prices rise up again. Elaborating on, the Brent oil rose on Tuesday in spread trading that widened the international benchmark's premium to U.S. crude, as market players focused on easing tensions between Iran and the West. What’s more, Front-month Brent crude for November delivery rose 48 cents to settle at $108.64. November U.S. crude lost 46 cents to close at $103.13 a barrel. However, a potential encounter at the United Nations on Tuesday between U.S. is still in “play”. Crude stocks fell by 54,000 barrels last week, less than the 1.1 million barrel draw anticipated by analysts, data from industry group the American Petroleum Institute showed on Tuesday. Last but not least, refined product inventories rose by over 800,000 barrels.Gold rose on Tuesday as physical buying at lower prices and technical support helped bullion snap a three-day losing streak.Spot gold was up 0.2 percent at $1,323.70 an ounce.U.S. gold futures for December delivery settled down $10.70 an ounce at $1,316.30, with trading volume in line with its 30-day average.Finally, silver gained 0.6 percent to $21.72 an ounce.
The dollar edged up 0.2 percent at 80.576, but its outlook remained downbeat after the Fed last week decided to keep its asset purchases intact for now. Still while the “greenback” seems to gain –again- a firmer trend as the post- FOMC party gets “off”, the oil prices rise up again. Elaborating on, the Brent oil rose on Tuesday in spread trading that widened the international benchmark's premium to U.S. crude, as market players focused on easing tensions between Iran and the West. What’s more, Front-month Brent crude for November delivery rose 48 cents to settle at $108.64. November U.S. crude lost 46 cents to close at $103.13 a barrel. However, a potential encounter at the United Nations on Tuesday between U.S. is still in “play”. Crude stocks fell by 54,000 barrels last week, less than the 1.1 million barrel draw anticipated by analysts, data from industry group the American Petroleum Institute showed on Tuesday. Last but not least, refined product inventories rose by over 800,000 barrels.Gold rose on Tuesday as physical buying at lower prices and technical support helped bullion snap a three-day losing streak.Spot gold was up 0.2 percent at $1,323.70 an ounce.U.S. gold futures for December delivery settled down $10.70 an ounce at $1,316.30, with trading volume in line with its 30-day average.Finally, silver gained 0.6 percent to $21.72 an ounce.