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Gold, Silver, Oil Rally on PMI & Iran

January 3, 2012 at 23:29 by Vladimir Vyun

Gold and oil rose today, as well as most commodities, as manufacturing in China and the United States expanded. Silver also gained. The China Federation of Logistics and Purchasing reported that the nation’s Purchasing Managers’ Index increased from 49.0 to 50.3 in December. The US PMI advanced from 52.7 to 53.9 last month.

Both commodities also gained on rumors that Iran made headway in creating nuclear weapon. Gold rallied as the rumors increased its appeal as a safe asset, while oil rose on concerns that sanctions against the country from the USA would disrupt shipments.

February futures for crude oil delivery advanced as much as $4.13 to $102.96 per barrel on NYMEX, the highest price since May 10. Brent crude surged from $108.38 to $112.07 per barrel today as of 23:18 GMT on ICE. Gold was up from $1,570.10 to $1,606.70 per ounce, while silver spot price went higher from $28.17 to $29.55 per ounce on COMEX.

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

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