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Gold & Oil Suffer from Positive US Data

June 26, 2013 at 2:13 by Vladimir Vyun

Gold plunged today amid positive data from the United States. The energy market also suffered. Good macroeconomic reports increase chances for reduction of monetary stimulus by the Federal Reserve.

Durable goods orders surged 3.6 percent in May, beating forecasts. The Richmond Fed index of manufacturing activity unexpectedly came into positive territory, rising to 8 in June from -2 in May. The Conference Board consumer confidence index improved from 74.3 in May from 81.4 in June, the better result than analysts have hoped for.

August futures for delivery of gold slid as much as $13.40 (1.05 percent) to $1,261.70 per ounce as of 2:09 GMT on COMEX today. Contract for delivery of WTI crude oil slipped $0.4 (0.42 percent) to $94.92 per barrel on NYMEX. Brent grade of oil lost $0.21 (0.21 percent) to $101.05 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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