Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Drop of Gold; Longest Gain of Aluminum in 22 Years

July 28, 2009 at 18:01 by Vladimir Vyun

The dollar recovers against the euro causing gold to fall today. As the dollar and gold are moving inversely every month since April the dollar rebound against the euro makes gold less appealing as an alternative investment. August futures for gold fell $12.80 (1.3 percent) to $940.70 per ounce as of 9:30 on the New York Mercantile Exchange’s Comex division.

Aluminum gained for an 11th day making the longest advance in at least 22 years. Demand from manufacturers is recovering and speculation can and car producers will need more of the aluminum cause the metal to increase. LME for aluminum delivery in three months rose $17 (0.9 percent) to $1,843 per metric ton at 13:26 local time.

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