Crude Oil Price
Crude oil recovered from its lows today as equities stabilized and dollar dropped following reports that Greek creditors are headed toward an agreement to roll over a major chunk of their holdings of that nation's bonds into longer maturity debt.
The commodity dropped in Asian trades, extending the latest sell off as equities slid and concerns that the International Energy Agency (IEA) could initiate efforts to supply more crude oil in the world markets.
Gold Price
Gold is mixed today after last week’s 2.4% fall. The short term trend remains negative but medium and long fundamentals remain supportive as do the very challenging and risky macro, sovereign debt and currency environment. Physical buying remains strong at the $1500 level with premiums for gold bullion bars higher in Singapore and Hong Kong. Options expiration played a role in softer Comex gold and silver Monday, says George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures. “Today was option expiration day for Comex gold, copper, silver,” he says, adding, “as usual, sellers liquidated what could become excess positions as options become futures contracts if exercised.” Also, some investors turned back to stronger equities, he says, and haven buying may have abated for now the euro rebounded. As of 1:09 p.m. EDT, Comex August gold was $5.50 softer at $1,495.40 an ounce. July silver fell $1.063 to $33.575.
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