Saturday, July 16, 2011

Commodity Market news Today

US gold futures for August delivery settled up 80 cents at USD 1,590.10 an ounce, after trading between USD 1,576 and USD 1,592.80. Trading volume reached 120,000 lots, sharply lower than turnover in the previous two sessions.

Spot silver gained 2.2% to USD 39.02 an ounce, near a two-month high of USD 39.34 set on Thursday. Gold should rise to record highs above USD 1,700 an ounce in the next few months, based on technical charts. One analyst said that in theory, it could reach a shocking USD 5,000 an ounce should equity markets correct sharply.

Crude oil
is up nearly 2 percent. Crude oil is trading at 97.5 dollars per barrel. Crude oil closed above $ 97 on Friday was Naimaks. there is strength in gold prices. 1592 dollars with gold trading at $ 3 is the fastest. Closed Friday at $ 1590. silver has traded over $ 39 with an edge. Friday Comaks 1 per cent silver closed at $ 39 was faster.