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Oil And Gold Analysis: Crude Falls, Gold Gains

ByICM Brokers
Published 07/23/2013, 07:47 AM
Updated 04/25/2018, 04:40 AM
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Crude fell from a 16-month high as an unexpected drop in purchases of existing homes and weaker-than-expected company earnings raised concern that U.S. growth will stall., the world’s biggest oil-consuming country, accounted for about a fifth of world’s consumption in 2012, according to BP Plc (BP/)’s Statistical Review of World Energy. Total petroleum use fell in June to the lowest level for the month in 16 years, the American Petroleum Institute said on July 18. Petroleum deliveries, a measure of demand, dropped 1 percent from a year earlier to 18.7 million barrels a day, the least for the month since 1997, the industry-funded API said.
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Gold gained the most in more than a year on speculation that the Federal Reserve will maintain U.S. economic stimulus, boosting the appeal of the precious metal as a store of value. Silver also surged. Bullion rose 1.3 percent last week, capping the first back-to-back weekly gains since May; after Fed Chairman Ben S. Bernanke indicated that it’s too early to decide whether to begin scaling back bond purchases in September. Existing home sales in the U.S. fell 1.2 percent in June, the National Association of Realtors said today. Hedge funds raised bets on a gold rally before prices capped the biggest two-week gain in 20 months as Federal Reserve Chairman Ben S. Bernanke damped speculation that a cut in stimulus is imminent.
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