|08-27-2014, 01:59 PM||#1|
Gold and crude consolidate after prior significant gains
Gold and crude prices narrow traded currently in New York after that on one hand the precious metal rose the most in more than two weeks as tensions flared on the border between Ukraine and Russia, boosting accordingly the safe haven appeal of the metal.
And after that on the other hand the black gold rose from a seven-month low as U.S. durable goods data and consumer confidence boosted economic optimism, while analysts forecast crude supplies fell.
Also we should be aware that China’s gold imports from Hong Kong in July fell by 42 percent from a month earlier as an anti-corruption campaign and price declines deterred Chinese consumers while that the cheapest crude oil since January has refiners producing fuel at record rates, helping lower the cost of gasoline at pumps across the country.
In fact a report showed that the country’s Consumer confidence in July improved further in August, hitting the highest since October 2007 at 92.4
This is up from 90.3 in July, and it was much stronger than the 89.0 forecasted by economists.
"Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits," said the Conference Board`s Lynn Franco.
While that another report showed Durable goods orders jumped by the highest on record in July as bookings surged for commercial aircraft and automobiles.
Business equipment orders retreated after the biggest gain in seven months.
Accordingly the gold is so far trading around $1283.95 an ounce recording a high of $1290.75 ounce and a low of $1275.65 an ounce and crude is trading around $93.25 a barrel recording a high of $93.92 a barrel and a low of $97.05 a barrel.
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