30 Aug 2013
Commodities fell apart as Syria’s fears ease
FXstreet.com (Athens) - Commodities tumbled across the board on Thursday, as a U.S.-led military strike on Syria appeared not to be imminent.
Will the American dollar strengthening across the board, push further commodities?
Commodities Oil prices on both sides of the Atlantic extended losses to around 2 percent in late trading after the market settled on Thursday, as strike on Syria appeared not to be imminent. What’s more the fascinating US GDP release heightened the appeal of the reserve currency, pushing further all commodities. Brent crude for October delivery settled $1.45 a barrel lower at $115.16. In post-settlement trading, prices extended losses to more than $2 a barrel, hitting a low of $114.18. In addition, U.S. crude oil for October delivery settled down $1.30 per barrel at $108.80, after hitting a 2 1/2-year high on Wednesday. It traded down to $107.72 in post-settlement trade. Furthermore, gold fell on Thursday, snapping a five-day rally as a U.S.-led military and investors turned their attention to strong U.S. economic growth and the Federal Reserve's plans to rein in its stimulus program. Spot gold was down 0.4 percent to $1,412 an ounce. The metal is on track for its fourth consecutive weekly gain and its second straight monthly rise. Last but not least, silver fell 1.3 percent to $24.03 an ounce, retreating from a 3-1/2 month high of $25.08 hit on Wednesday
Will the American dollar strengthening across the board, push further commodities?
Commodities Oil prices on both sides of the Atlantic extended losses to around 2 percent in late trading after the market settled on Thursday, as strike on Syria appeared not to be imminent. What’s more the fascinating US GDP release heightened the appeal of the reserve currency, pushing further all commodities. Brent crude for October delivery settled $1.45 a barrel lower at $115.16. In post-settlement trading, prices extended losses to more than $2 a barrel, hitting a low of $114.18. In addition, U.S. crude oil for October delivery settled down $1.30 per barrel at $108.80, after hitting a 2 1/2-year high on Wednesday. It traded down to $107.72 in post-settlement trade. Furthermore, gold fell on Thursday, snapping a five-day rally as a U.S.-led military and investors turned their attention to strong U.S. economic growth and the Federal Reserve's plans to rein in its stimulus program. Spot gold was down 0.4 percent to $1,412 an ounce. The metal is on track for its fourth consecutive weekly gain and its second straight monthly rise. Last but not least, silver fell 1.3 percent to $24.03 an ounce, retreating from a 3-1/2 month high of $25.08 hit on Wednesday