Precious Metals: Gold, Silver, & Platinum
Precious metals and grains gain alongside energy prices last Friday trading, after a nine-day plunge in oil that shifted investors position to buy back into the ailing commodities market.
But so far, there is doubt that crude oil or other battered commodities are in for a consistent rebound. The labor market remains bleak, international trade is plummeting, and holiday retail sales were lower than forcasted. All these signs point to lower demand around the globe.
Gold has been performing better than other commodities. On Friday, gold for February delivery $23.00 to settle at $871.20 an ounce on the New York Mercantile Exchange (NYMEX).
Precious metals and grains gains alongside energy prices last Friday trading, after a nine-day plunge in oil that shifted investors position to buy back into the ailing commodities market.
But so far, there is doubt that crude oil or other battered commodities are in for a consistent rebound. The labor market remains bleak, international trade is plummeting, and holiday retail sales were lower than forcasted. All these signs point to lower demand around the globe.
Gold has been performing better than other commodities. On Friday, gold for February delivery $23.00 to settle at $871.20 an ounce on the New York Mercantile Exchange (NYMEX).
The precious metal is traditionally viewed as a safe investment in turbulent times. Its price plummeted as hedge funds and other large investors were forced to sell assets to raise cash, but the metal has been recovering from its mid-November lows as the economy and US dollar fall.
On Friday, the dollar slipped against the euro, but gained against the British pound.
Grain prices have also been advancing over the past few weeks on the Chicago Board of Trade, and extended their gains on Friday.
March wheat futures rose 17 cents to finish at $5.9925 a bushel, while March corn futures rose 14.25 cents to close at $3.98 a bushel. March soybeans rose 37.5 cents to settle at $9.565 a bushel.
Energy and industrial metals were not far behind. But they gained on Friday, despite news from Japan that industrial production sank by 8.1 percent in November — the worst monthly drop in more than 50 years.
Light, sweet crude for February delivery advanced $2.36, or more than 6 percent, to settle at $37.71 a barrel. US markets were closed on Thursday, and on Wednesday, crude prices had fallen for the ninth straight day.
In other Nymex trading Friday, gasoline futures rose 5.17 cents to settle at 88.4 cents a gallon, while heating oil rose 4.67 cents to settle at $1.245 a gallon.
March copper futures added 2.95 cents to close at $1.3035 a pound.
March silver gained 18 cents to close at $10.53 an ounce.
But so far, there is doubt that crude oil or other battered commodities are in for a consistent rebound. The labor market remains bleak, international trade is plummeting, and holiday retail sales were lower than forcasted. All these signs point to lower demand around the globe.
Gold has been performing better than other commodities. On Friday, gold for February delivery $23.00 to settle at $871.20 an ounce on the New York Mercantile Exchange (NYMEX).
Precious metals and grains gains alongside energy prices last Friday trading, after a nine-day plunge in oil that shifted investors position to buy back into the ailing commodities market.
But so far, there is doubt that crude oil or other battered commodities are in for a consistent rebound. The labor market remains bleak, international trade is plummeting, and holiday retail sales were lower than forcasted. All these signs point to lower demand around the globe.
Gold has been performing better than other commodities. On Friday, gold for February delivery $23.00 to settle at $871.20 an ounce on the New York Mercantile Exchange (NYMEX).
The precious metal is traditionally viewed as a safe investment in turbulent times. Its price plummeted as hedge funds and other large investors were forced to sell assets to raise cash, but the metal has been recovering from its mid-November lows as the economy and US dollar fall.
On Friday, the dollar slipped against the euro, but gained against the British pound.
Grain prices have also been advancing over the past few weeks on the Chicago Board of Trade, and extended their gains on Friday.
March wheat futures rose 17 cents to finish at $5.9925 a bushel, while March corn futures rose 14.25 cents to close at $3.98 a bushel. March soybeans rose 37.5 cents to settle at $9.565 a bushel.
Energy and industrial metals were not far behind. But they gained on Friday, despite news from Japan that industrial production sank by 8.1 percent in November — the worst monthly drop in more than 50 years.
Light, sweet crude for February delivery advanced $2.36, or more than 6 percent, to settle at $37.71 a barrel. US markets were closed on Thursday, and on Wednesday, crude prices had fallen for the ninth straight day.
In other Nymex trading Friday, gasoline futures rose 5.17 cents to settle at 88.4 cents a gallon, while heating oil rose 4.67 cents to settle at $1.245 a gallon.
March copper futures added 2.95 cents to close at $1.3035 a pound.
March silver gained 18 cents to close at $10.53 an ounce.
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