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Crude Oil & Precious Metals Reverse Movement

December 19, 2014 at 19:51 by Vladimir Vyun

Today, commodity markets perform inversely to their previous behavior during this week. While crude oil and gold were falling previously, now they are rallying. Other precious metals also gained with the exception of platinum.

While gains were substantial for the most part, this does not necessarily mean that traders should jump in with bullish bets. Negative factors that were affecting the markets are still in place, and a new move down is possible. For now, though, the decline has stopped.

February futures for delivery of gold advanced 0.09 percent to $1,195.90 per troy ounce as of 19:40 GMT on COMEX today. March contract for silver gained 0.67 percent to $16.04 per ounce. Spot price for platinum lost 0.25 percent to $1,197.75 per ounce. Palladium was up 1.54 percent to $804.90 per ounce.

January contract for WTI crude oil jumped as much as 4.31 percent to $56.44 per barrel on NYMEX today. February Brent crude surged 3.04 percent to $61.07 per barrel on ICE.

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

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