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Gold and Oil Climb as U.S. Dollar Rally Stalls

Commodities / Commodities Trading Mar 31, 2011 - 05:24 AM GMT

By: LiveCharts

Commodities

Gold and oil prices were higher in late Thursday (March 30) trade as investors took a renewed interest in commodities following an early week rise in the value of the US dollar.

One ounce of gold currently fetches $1,425.90 in late night New York GLOBEX trade. This is up over $7 from Tuesday’s close at $1,418.70.


Gold traded as low as $1,413 earlier in the day in New York NYMEX trade for speculators began a late day surge.

Oil prices are up $.31 in late Wednesday night trade after Wednesday’s settle price of $104.58 for one barrel of May crude oil futures.

Wednesday’s closing price was off by $.52 from Tuesday’s close after the latest reports on US crude inventory levels showed higher stockpiles of crude.

Generally, oil speculators are in wait-and-see mode as news about political tensions in the Middle East changes almost daily, causing uncertainty about future production levels for top oil-producing nations.

Conflict in the Middle East now includes ongoing battles between established governments and opposition in Yemen, Syria, Bahrain and Libya.

Gold slipped in early week trading from its all-time high price of $1,447 just one week ago. But Wednesday’s late afternoon buying enthusiasm suggests a return to safer investing strategies.

 The dollar actually led much of the action in investment markets to start the week as the greenback was up virtually across the board.

However, the dollar’s rally stalled Wednesday, contributing to the late day increased in commodities prices.

One euro is trading higher at $1.41321 in late night currency trade. The British pound is also up at $1.60852. The dollar is also down against the Japanese yen with a current value of 82.706 yen.

Neil Kokemuller

LiveCharts.co.uk

Neil Kokemuller is an Associate Professor of Marketing at Des Moines Area Community College in Des Moines, Iowa, USA. He has a MBA from Iowa State University. He is also in house stock market commentator at Live Charts UK, where you can find real time charts and share prices .

Copyright © 2011 Live Charts

Please note: The information provided in this article is intended for informational and entertainment purposes, and not as advice for financial decisions or investments. Actions taken on the basis of the information shared is at the sole risk and discretion of the individual. Currency investment poses significant risk of loss.

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