The yellow precious metal saw its prices narrow trading while crude climbed to the upside in New York regardless of the lack of data released today from the U.S economy as a result of mixed sentiments that remain spread within the commodities market on Federal Reserve stimulus bets and unknown expectations.
Furthermore International Energy Agency trimmed forecasts for global oil demand growth in 2014 amid slowing expansion in China and a struggle to secure a recovery in the U.S. and Europe yet it is projected that global consumption will increase by 1.1 million barrels a day, or 1.2 percent, to 92 million next year.
Plus mixed sentiments remain sensed as well this week on a local and global as the Federal Reserve taper talks returned this week to take center stage.
In fact the Fed may begin curbing bond purchases in September, Fed Bank of Chicago President Charles Evans said Aug. 6. U.S. crude output jumped last week to the highest level since 1989 and gasoline supplies are the highest seasonally since 1990, government data showed yesterday.
Accordingly the local U.S stock market closed several times in red this past week as a result of these worries regarding the fact that Federal Reserve my start to scale-back its asset purchases program, which has flooded the markets with liquidity.
Now as a result of these worries, hopes and forecasts we watched the gold so far trade around $ 1314.70 an ounce recording a high of $1317.10 an ounce and a low of $1304.85 an ounce while that the black gold is trading around $105.45 a barrel recording a high of $105.48 a barrel and a low of $103.62 a barrel.
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Gold Narrows Trade, Crude Rises In New York
Published 08/09/2013, 12:34 PM
Updated 07/09/2023, 06:31 AM
Gold Narrows Trade, Crude Rises In New York
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