Commodity Blog

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Declines of Gold & Crude Oil from Record Highs

October 5, 2010 at 3:02 by Vladimir Vyun

Gold fell after it reached the record, damping the demand for the precious metal. Analysts say that this was correction, which is inevitable because of the long-term nature of this bullish market and a high level of participation in it. The trend still remains bullish but further corrections are likely and they may be quite severe. December futures for gold delivery slid $1 to $1,316.80 as of 13:42 on COMEX.

Oil traded near highest level in eight weeks in New York but high levels don’t look sustainable in near term. A stronger dollar and falling stocks increased risk aversion sentiment, damping demand for commodities. A report this week expected to show that US inventories of crude grew, putting additional pressure on oil prices. Crude oil futures for November delivery fell $0.11 to $81.47 per barrel on NYMEX, following a surge to $81.58 on October 1st.

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