Commodity Blog

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Gold Rises, Oil Fluctuates, Wheat Falls

July 20, 2009 at 19:31 by Vladimir Vyun

Dollar falls making gold to rise today. A weaker dollar and higher oil prices increased the attractiveness of gold as a hedge against inflation and an alternative investment. Gold futures for August delivery gained $12.50 (1.3 percent) to $950/ounce at 10:25 on New York Mercantile Exchange’s Comex division.

Skepticism about demand causes oil to fluctuate today. An Energy Department reports that fuel demand in U.S. in the week ended July 10th was lower by 6.7 percent than a previous year. Crude oil for August delivery dropped $0.27 (0.4 percent) to $63.29/barrel at 11:08 on the NYMEX. Futures went up $1.34 and fell $0.34 today. Oil rose 42 percent this year.

Speculation that production in Kansas will top estimates causes wheat prices slump today. Great harvest (especially in northwestern Kansas) may yield as much as 372 million bushels in the state. Wheat futures for September delivery dropped $0.04 (0.7 percent) to $5.3775/bushel at 10:50 on the CBoT.

If you have any questions and comments on the commodities today, use the form below to reply.

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