|09-04-2014, 01:14 AM||#1|
Gold, oil prices rebound, Ukraine tensions increase
Gold prices edged higher on Wednesday, rebounding from a earlier 2-1/2 month low on heightened tensions from Ukraine and a fall in the U.S. dollar.
Gold suffered some pressure earlier in the day after Russian President Vladimir Putin said a resolution to a permanent cease-fire in eastern Ukraine could be found this week.
However, Ukraine’s Prime Minister later rebuffed Putin’s proposals, saying they are an attempt to deceive the West on the eve of a NATO summit.
Spot gold was last up 0.12% or $1.53 to $1,270.30 an ounce.
Gold futures for December delivery, the most active contract on the Comex settled 0.45% or $5.30 higher at $1,270.30 per ounce.
However, Wednesday’s rise was limited by data from the U.S. that showed rising factory orders and solid auto sales.
Physical demand from Asia was somewhat muted on Wednesday, traders said, even with Tuesday’s 1.7% fall, which would usually tempt some price-sensitive buyers, an indicator that Wednesday’s rise could be short-lived.
West Texas Intermediate rose on expectations that supplies dropped last week. Oil tumbled yesterday on concern a weakening European economy will curb demand.
U.S. crude inventories are seen falling 1 million barrels in last week, according to a Bloomberg survey before tomorrow’s Energy Information Administration report.
It would be a third weekly decline. The weekly petroleum report, which normally is released every Wednesday, was delayed until tomorrow due to the Labor Day holiday.
The U.S. dollar Index fell 0.11% to 82.85, compared with 82.96 late Tuesday.
WTI crude oil futures for October delivery gained 2.76% or $2.56 to $95.44 a barrel.
October Brent gained 2.34% or $2.36 to $102.70 a barrel.
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