Gold rallies to end while oil eases in New York
Sunday, 31 October 2010
NEW YORK, Oct 30 (Commodity Online): Oil prices eased while gold futures rallied at close for the weekend Friday.
New York's main contract, light sweet crude for December delivery, fell 75 cents to close at $81.43 a barrel while Brent crude for December shed 44 cents to settle at $83.15 a barrel.
Gold futures rose, capping a third straight monthly gain, on speculation that the Federal Reserve will increase debt purchases, weakening the dollar and boosting the metal's appeal as an alternative investment.
The Fed has kept the benchmark interest rate at between zero per cent and 0.25 per cent since December 2008 and purchased $1.7 trillion in Treasuries and mortgage-backed assets to spur growth.
Gold futures for December delivery rose $15.10, or 1.1 per cent, to settle at $1357.60 on the Comex in New York. On the week gold has gained 2.5 per cent. The price is up 24 per cent in 2010, heading for the 10th straight annual gain.
The commerce department Friday released data showing US gross domestic product grew at an annual rate of two per cent in the third quarter, up from 1.7 per cent the previous quarter, offering some hope for the recovery.
New York's main contract, light sweet crude for December delivery, fell 75 cents to close at $81.43 a barrel while Brent crude for December shed 44 cents to settle at $83.15 a barrel.
Gold futures rose, capping a third straight monthly gain, on speculation that the Federal Reserve will increase debt purchases, weakening the dollar and boosting the metal's appeal as an alternative investment.
The Fed has kept the benchmark interest rate at between zero per cent and 0.25 per cent since December 2008 and purchased $1.7 trillion in Treasuries and mortgage-backed assets to spur growth.
Gold futures for December delivery rose $15.10, or 1.1 per cent, to settle at $1357.60 on the Comex in New York. On the week gold has gained 2.5 per cent. The price is up 24 per cent in 2010, heading for the 10th straight annual gain.
The commerce department Friday released data showing US gross domestic product grew at an annual rate of two per cent in the third quarter, up from 1.7 per cent the previous quarter, offering some hope for the recovery.