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4 Oct 2013
Commodities move on opposite sides, DXY at an 8-month low
FXstreet.com (Athens) – US oil settles lower on Friday, despite the American dollar’s weakening across the board and the oil-rich Gulf of Mexico jitters, while the gold is steadily rising.
The commodities didn’t change much overnight during the Asian trading session. At the time of writing, crude oil is trading at 103.14, down 0.1%, while gold moves at 1.318,15 down also 0.1%. The U.S. dollar is heading lower since the opening of the European trading session, falling for a sixth straight session against a basket of major currencies. On Thursday, DXY hit an eight-month low on concerns over what impact the U.S. government shutdown will have on the global economy. Elaborating on, the American dollar hit a trough of 79.627, its lowest since February. It last traded at 79.758, down 0.2 percent on the day. Furthermore, U.S. oil settled lower on Thursday, despite the threat from a storm brewing in the oil-rich Gulf of Mexico, as investors worried the U.S. government shutdown could cut energy demand in the world's largest oil consumer. Last but not least, U.S. crude for November delivery settled 79 cents lower at $103.31 per barrel, after trading as high as $104.38. Prices dropped to a low of $102.88 after the market closed.
Regarding gold, spot gold price rose on Thursday after softer U.S. services sector data raised expectations that the Federal Reserve would delay any reduction in economic stimulus, especially with September employment data delayed by the U.S. government shutdown. Being précised, spot gold steadied around 0.17 percent higher at $1,316.89 an ounce, having trimmed early losses. Finally, U.S. gold futures for December were down 0.30 percent or $4.0 an ounce at $1,316.70.
The commodities didn’t change much overnight during the Asian trading session. At the time of writing, crude oil is trading at 103.14, down 0.1%, while gold moves at 1.318,15 down also 0.1%. The U.S. dollar is heading lower since the opening of the European trading session, falling for a sixth straight session against a basket of major currencies. On Thursday, DXY hit an eight-month low on concerns over what impact the U.S. government shutdown will have on the global economy. Elaborating on, the American dollar hit a trough of 79.627, its lowest since February. It last traded at 79.758, down 0.2 percent on the day. Furthermore, U.S. oil settled lower on Thursday, despite the threat from a storm brewing in the oil-rich Gulf of Mexico, as investors worried the U.S. government shutdown could cut energy demand in the world's largest oil consumer. Last but not least, U.S. crude for November delivery settled 79 cents lower at $103.31 per barrel, after trading as high as $104.38. Prices dropped to a low of $102.88 after the market closed.
Regarding gold, spot gold price rose on Thursday after softer U.S. services sector data raised expectations that the Federal Reserve would delay any reduction in economic stimulus, especially with September employment data delayed by the U.S. government shutdown. Being précised, spot gold steadied around 0.17 percent higher at $1,316.89 an ounce, having trimmed early losses. Finally, U.S. gold futures for December were down 0.30 percent or $4.0 an ounce at $1,316.70.