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Analytics, News, and Forecasts for CFD Markets: raw news — 24-09-2012.
The price of oil fell for the fifth time in six days due to disagreements regarding the European debt crisis and weaker-than-expected data on Germany.
Prices fell by 1.8%, after German Chancellor Angela Merkel and French President Francois Hollande has agreed to schedule the introduction of joint supervision of banks in Europe at a meeting on September 22. At the same time the German business confidence unexpectedly fell to the lowest level in more than two years, thus causing a decline in the euro.
News from Europe cause a stronger dollar, which puts pressure on the expected demand for oil. It makes people think that even $ 90 oil is too expensive.
In his speech, German Chancellor Angela Merkel has rejected the appeal of French President Francois Hollande to intensify supervision over the banking alliance, "the sooner the better." Impasse in solving this problem is to delay addressing key issues for the euro zone.
Prices also declined amid falling U.S. stocks.
Also note that last week the Department of Energy reported that gasoline demand continued to decline during the seven days that ended on 14 September, by 0.7% to 8.63 million barrels a day, while still achieving the weakest level since July 13 .
Oil also fell after the data is the U.S. Fed Beige Book showed that China manufacturers and retailers are less optimistic about sales than it was three months ago.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $91,46 per barrel.
November futures price of North Sea Brent crude oil mix is now $109,08 a barrel on the ICE Futures Europe Exchange.
Gold prices fell by almost 1% on Monday, departing from the six-month maximum, as the dollar rose and the cost of high-risk assets, such as stocks, euro, oil and other commodities fell.
Gold continues to build, and aims to grow more and more, after central banks including the Federal Reserve and the European Central Bank, have announced a new round of easing monetary policy at the beginning of this month.
Further monetary easing is likely to keep the pressure on long-term interest rates, and increasing the appeal of gold.
Note that many investors bought before announcing QE3, but now they are again selling gold to take profits. But long-term players are still in the market, and in particular this exchange-traded funds.
Due to the stronger dollar and caution among investors about the uncertain prospects for Europe the price of gold may continue to decline, but only in the short term.
The data also showed that the stock of gold in exchange-traded funds have grown by nearly 330,000 ounces on Friday to the level of 73.748 million ounces, updating the high of the last week at 73.681 million ounces.
Most of the inflows were seen in the largest fund SPDR Gold Trust, which issues securities backed by physical metal, which is a very popular way to invest in gold in recent years.
Meanwhile, consumer demand for gold in India has grown, as the decline in local prices to three-week low sparked a wave of purchases.
October futures price of gold on the COMEX is now 1766.0 dollars per ounce.
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