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Poor Data from USA Helps Gold, Hurts Oil

November 26, 2014 at 0:34 by Vladimir Vyun

Some of Tuesday’s economic indicators released from the United States came out worse than was anticipated. Futures for gold rallied as a result. By the same token, prices for crude oil dropped.

The consumer sentiment fell unexpectedly in November. The manufacturing index dropped much more than was predicted by analysts. As a piece of good news, the second revision of gross domestic product was better than the first estimate.

The poor data hurt the dollar, helping gold prices. At the same time, the disappointing reports suggested that US economic growth is not as robust as has been considered before, meaning that the biggest world’s economy may not expand its oil consumption. Such view hurt prices for crude.

February contract for delivery of gold advanced 0.28 percent to $1,201.20 per troy ounce as of 00:20 GMT on COMEX today. January futures for WTI crude oil slipped 0.40 percent to $73.79 per barrel on NYMEX. Brent crude lost as much as 1.69 percent to $78.33 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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