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Gold flirted with and around UD$1,000 oz for more than a month, and yesterday Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a record high Tuesday, as the USD headed South to a 1 yr low on a Bearish report. The price for the most active Gold contract (December delivery) soared US$21.90, or 2.2%, to close the session at US$1039.70 oz. after taping US$1,045 shortly before the close, topping the overhead resistance of US$1,033.90 made in March 2008. After the Istanbul G-7 meeting failed to give enough support to a weak USD, the greenback headed due South Tuesday. It was reported in Great Britain that Crude Oil exporting countries in the Middle East plus some big energy consumers are considering ending the benchmark US$ in global Crude Oil trading replacing it with a basket of currencies, including the Japanese yen, Chinese Yuan, the Euro and Gold. Read more

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Crude Oil prices jumped about 6% Wednesday after government data showed an unexpected drop in gasoline inventories. Light, sweet Crude for November delivery rose US$3.90, or 5.8% to settle at 70.61 dollars a barrel on the New York Mercantile Exchange, leaving oil prices basically flat in the Q-3 after rising for the previous two Qs. According to the US Energy Department’s Energy Information Administration (EIA), gasoline inventories dropped by 1.6M bbls in the week ended September 25, surprising analysts who had expected a jump. Crude Oil got further support as the US$ dropped against most of its major counterparts and headed for a 2nd straight quarterly loss against the Euro, boosting demand for commodities to hedge against inflation. In London, Brent Crude for November delivery rose US$3.36 to US$68.85 bbl on the ICE Futures exchange.

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Gold futures on the COMEX Division of the New York Mercantile Exchange declined for 1st session in three Thursday after hitting a new 18 month high, Silver and Platinum both ended the session lower. Gold price for December delivery fell US$6.70, or 0.7%, to finish at US$1,013.50oz. During the exciting session the contract touched as high as US$1,025.80 as it charges North to the all time high of US$1,033.90 hit last March. A recovering USD in the late session also weighed on Gold. The dollar index, a gauge measuring the greenback’s value against six other major currencies, rose to 76.334 from the earlier low of 76.055 by the end of Gold floor trading time. Gold, which is used as a hedge against a weak dollar and inflation, has rallied recently as the greenback keeps falling against other major currencies. On economic front, the US Labor Department said workers filing for first jobless benefit claims dipped to 545,000 last week from an upwardly revised 557,000 the previous week, compared with economists’ expectations of increase. December silver finished at US$17.265 oz, down 16.5 cents, October Platinum lost US$8.60 to US$1341.50 oz.

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Crude Oil prices continued to drop on Monday as the U.S. dollar rebounded after striking a new low for the year. Light, sweet crude for October delivery fell 43 cents to settle at US$ 68.86 bbl on the New York Mercantile Exchange. The dollar index edged higher on Monday after hitting a new 2009 low of 76.457 points last Friday, exerting downward pressure on the price of Crude Oil. Meanwhile, as USA announced to impose special duties on Chinese tires on Friday, investors feared this move would arouse economic tensions between the top two oil consuming countries. Crude Oil has traded around US$70 bbl for most of the last two months as investors struggle to gauge how robust the recovery will be. Dealers are worried that the current economic conditions can not support a higher Crude Oil price. In London, Brent Crude for October delivery dropped 30 cents to US$67.39 bbl on the ICE Futures exchange.

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Gold futures on the COMEX Division of the New York Mercantile Exchange fell from its 18 month high Monday as the USD rebounded after declining for six straight sessions. Silver and Platinum both gave up a bit, too. The Gold price for December delivery lost US$5.30, or 0.5%, to close at US$1001.10 oz. In the overnight electric session, the contract dipped below the key level of US$ 1,000 oz, touching as low as US$994.40. Dollar regained strength on the dispute between the US and China ahead of the G-20 summit of rich and developing nations later this month in Pittsburgh. During the past weekend, the US President Obama decided to impose trade penalties on Chinese tires, but China announced it would examine imports of American auto and chicken products and filed a complaint with the World Trade Organization on Monday. Read more

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Crude Oil stabilized below US$70 bbl as mixed economic data failed to provide momentum in either direction. Light, sweet crude for October delivery ended 9 cents lower at US$67.96 bbl on the New York Mercantile Exchange. The contract earlier rose to an intra-day high of US$69.40 bbl on US stock gains and a weaker US$. Wall Street was driven up by upbeat retail sales after a four day losing streak for the Standard & Poor’s 500 Index. In London, Brent Crude for October delivery fell 54 cents to settle at US$67.12 bbl on the ICE Futures exchange.

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