Oil recovers, gold slips to two weeks low in NY
Sunday, 24 October 2010
NEW YORK, Oct 23 (Commodity Online): Global oil prices managed to finish the week on a high note while the bullion fell to its lowest in two weeks Friday.
Light sweet crude for December closed $1.13 higher at $81.69 a barrel while in London, Brent crude for delivery in December also rose $1.13 to $82.96 a barrel.
Analysts said the black gold recovered as the US dollar renewed its slide and ongoing strikes in French refineries and ports pushed prices higher. The lower dollar makes oil prices cheaper outside the US, boosting demand.
Gold for immediate delivery fell to its lowest in two weeks while silver fell below $23 an ounce to its lowest in more than ten days Friday, both metals undermined by a strengthening dollar.
Spot gold fell to $1,315.85, its lowest since October 5, and ended at $1,316.35 while Gold futures for December delivery fell 50 cents to settle at $1,325.10 an ounce on the Comex in New York.
Spot silver fell to $22.82, and was last at $22.83 per ounce, down from $23.18 late Thursday.
The US dollar renewed its decline against key currencies Friday as investors expected the Federal Reserve to inject cash into the markets in order to boost the economy.
Gold futures fell, capping the biggest weekly slide since early July, as the US dollar rebounded, eroding demand for the precious metal as an alternative investment.
Light sweet crude for December closed $1.13 higher at $81.69 a barrel while in London, Brent crude for delivery in December also rose $1.13 to $82.96 a barrel.
Analysts said the black gold recovered as the US dollar renewed its slide and ongoing strikes in French refineries and ports pushed prices higher. The lower dollar makes oil prices cheaper outside the US, boosting demand.
Gold for immediate delivery fell to its lowest in two weeks while silver fell below $23 an ounce to its lowest in more than ten days Friday, both metals undermined by a strengthening dollar.
Spot gold fell to $1,315.85, its lowest since October 5, and ended at $1,316.35 while Gold futures for December delivery fell 50 cents to settle at $1,325.10 an ounce on the Comex in New York.
Spot silver fell to $22.82, and was last at $22.83 per ounce, down from $23.18 late Thursday.
The US dollar renewed its decline against key currencies Friday as investors expected the Federal Reserve to inject cash into the markets in order to boost the economy.
Gold futures fell, capping the biggest weekly slide since early July, as the US dollar rebounded, eroding demand for the precious metal as an alternative investment.