Gold Updates
Weaker greenback coupled with little support from the violence and riots in the streets of Athens supported the COMEX Gold Aug futures and they extended their prior day gains and closed yesterday at $1,510.4 per troy ounce; a 0.68 percent gain from $1,500.2 per troy ounce from 28th June, 2011. The uncertainty hovering over the U.S. Debt ceiling coupled with concerns of Greece default also supported the yellow metal while redemption was seen in the holdings at SPDR Gold ETF and it fell by 0.91 tonnes yesterday.
Crude Oil Trend
NYMEX Crude oil Aug futures rose by 2.02 percent to $94.77 per barrel yesterday from $92.89 per barrel the prior day amidweaker greenback while a larger than forecasted drawdown in the U.S. Crude Stockpiles also supported the black gold futures yesterday. Stock fell by 4.4 million barrels to 359.5 million barrels in the week ended 24th June, 2011 from 363.8 million barrels in the prior week. Analysts were expecting a 1.5 million barrels drawdown but a 3 percent decline in the Imports to 8.88 million barrels a day, the first drop in three weeks led the fall in the crude stocks.
Oil dropped for the first time in three days and was headed for a quarterly loss on speculation that market supply conditions didn’t justify recent gains. Futures in New York dropped as much as 0.7 percent, snapping their biggest two-day rally in seven weeks. Oil rose yesterday after Greece’s parliament backed a package of budget cuts and asset sales, potentially averting the euro zone’s first sovereign default, and the U.S. Energy Department said stockpiles fell more than projected by analysts.
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