WEEKLY BULLION REPORT-28 July To 2 Aug 2014
GOLD
Gold closed the week at 1298.30 tumbling to new lows headed towards the Goldman’s forecasts of 1280-1250. Gold rose on Friday, rebounding from the previous session’s drop to a one-month low, as heightened tensions between Russia and the West over Ukraine prompted speculators to buy back their bearish bets ahead of the weekend.For the week, however, bullion posted a near 1-percent drop, its second consecutive weekly decline, as encouraging recent U.S. economic indicators lessened the metal’s safe-haven appeal. The market awaited the release of July U.S. non-farm payrolls and the Federal Open Market Committee meeting, both scheduled for next week. Gold was down 0.7 percent this week, extending the previous week’s 2 percent fall, mostly on speculation that an improving employment sector in the United States could signal an early rate increase by the Federal Reserve.
SILVER
Silver also headed for weekly losses, down about 1.2 percent for the week.Precious metals relative weakness at the end of the week was the result of easing fears over the political situation in Ukraine. Concerns reached a climax after the shooting down of a passenger jet on July 17 near the Russian border. For the week, however, bullion posted a near 1-percent drop, its second consecutive weekly decline, as encouraging recent U.S. economic indicators lessened the metal’s safe-haven appeal. The market awaited the release of July U.S. non-farm payrolls and the Federal Open Market Committee meeting, both scheduled for next week. Gold was down 0.7 percent this week, extending the previous week’s 2 percent fall, mostly on speculation that an improving employment sector in the United States could signal an early rate increase by the Federal Reserve.
CRUDE OIL
Crude Oil ended up in a range this week closing at 102.08 while Brent Oil ended at 107.67. Lower-than-expected U.S. crude inventories in a weekly Energy Department report had driven prices up on Wednesday, but expectations of stronger growth in demand were later countered as gasoline supplies were nearly three times larger than predicted. Still, the price of oil has stayed above $100 a barrel after a civilian jetliner was shot out of the sky last week over a part of eastern Ukraine.
NATURAL GAS
Natural Gas tumbled to trade at 3.776 at the end of the week after hitting a weekly high of 3.893 on Monday. Natural gas prices fell to an eight-month low this week, dropping as mild weather cut into demand. About a third of all electricity generation in the United States uses natural gas as its fuel source, and a lack of hot weather is keeping many people from cranking up their air conditioning. Meanwhile, natural gas production continues to expand and is likely to reach an all-time high this year, according to government data. Weather forecasts have been cool all summer, limiting demand for air conditioning and the gas-fired electricity that fuels it. Forecasts still show mild weather, including temperatures as much as eight degrees Fahrenheit below normal, lingering over the center of the country through the first week of August.
COPPER
Copper remained strong closing the week at $3.243. Providing a shot in the arm for the copper was China’s manufacturing activity which rose to an 18-month high in July. The HSBC Purchasing Managers’ Index (PMI) showed as it came in at 52.0. Most analysts were betting on a reading of 51.This is a second consecutive month of expansion as the government’s “mini stimulus” appears to have worked as well as an improving global economy.This follows a reading of 50.7 in June.
Gold closed the week at 1298.30 tumbling to new lows headed towards the Goldman’s forecasts of 1280-1250. Gold rose on Friday, rebounding from the previous session’s drop to a one-month low, as heightened tensions between Russia and the West over Ukraine prompted speculators to buy back their bearish bets ahead of the weekend.For the week, however, bullion posted a near 1-percent drop, its second consecutive weekly decline, as encouraging recent U.S. economic indicators lessened the metal’s safe-haven appeal. The market awaited the release of July U.S. non-farm payrolls and the Federal Open Market Committee meeting, both scheduled for next week. Gold was down 0.7 percent this week, extending the previous week’s 2 percent fall, mostly on speculation that an improving employment sector in the United States could signal an early rate increase by the Federal Reserve.
SILVER
Silver also headed for weekly losses, down about 1.2 percent for the week.Precious metals relative weakness at the end of the week was the result of easing fears over the political situation in Ukraine. Concerns reached a climax after the shooting down of a passenger jet on July 17 near the Russian border. For the week, however, bullion posted a near 1-percent drop, its second consecutive weekly decline, as encouraging recent U.S. economic indicators lessened the metal’s safe-haven appeal. The market awaited the release of July U.S. non-farm payrolls and the Federal Open Market Committee meeting, both scheduled for next week. Gold was down 0.7 percent this week, extending the previous week’s 2 percent fall, mostly on speculation that an improving employment sector in the United States could signal an early rate increase by the Federal Reserve.
CRUDE OIL
Crude Oil ended up in a range this week closing at 102.08 while Brent Oil ended at 107.67. Lower-than-expected U.S. crude inventories in a weekly Energy Department report had driven prices up on Wednesday, but expectations of stronger growth in demand were later countered as gasoline supplies were nearly three times larger than predicted. Still, the price of oil has stayed above $100 a barrel after a civilian jetliner was shot out of the sky last week over a part of eastern Ukraine.
NATURAL GAS
Natural Gas tumbled to trade at 3.776 at the end of the week after hitting a weekly high of 3.893 on Monday. Natural gas prices fell to an eight-month low this week, dropping as mild weather cut into demand. About a third of all electricity generation in the United States uses natural gas as its fuel source, and a lack of hot weather is keeping many people from cranking up their air conditioning. Meanwhile, natural gas production continues to expand and is likely to reach an all-time high this year, according to government data. Weather forecasts have been cool all summer, limiting demand for air conditioning and the gas-fired electricity that fuels it. Forecasts still show mild weather, including temperatures as much as eight degrees Fahrenheit below normal, lingering over the center of the country through the first week of August.
COPPER
Copper remained strong closing the week at $3.243. Providing a shot in the arm for the copper was China’s manufacturing activity which rose to an 18-month high in July. The HSBC Purchasing Managers’ Index (PMI) showed as it came in at 52.0. Most analysts were betting on a reading of 51.This is a second consecutive month of expansion as the government’s “mini stimulus” appears to have worked as well as an improving global economy.This follows a reading of 50.7 in June.
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