Commodities: Oil, gold slides after consumer data
Crude oil futures fell over 3% on Friday as investors digested mostly disappointing US economic data while the slide on Wall Street also pressured oil demand.Crude for December delivery fell $2.87 to settle at $77.00 a barrel. The firmer dollar also dampened demand for the black stuff as it makes it more expensive for holders of foreign currencies.
Friday’s decline came after Thursday’s advance of $2.41 a barrel following data showing the US economy returned to growth in the third quarter.
However by the end of Friday’s session, with as much as 250 points being knocked off the leading index, many analysts are saying a correction of as much as 15% could well be underway following the summer’s massive rally.
Gold for December settled $6.70 lower at $1,040.40 an ounce in New York as traders mulled a mixed bag of economic data. The yellow metal had gained $16.60 in Thursday’s session and made a monthly gain of nearly 4% but as the dollar firmed, appetite for gold waned on Friday.
| Name | Price | 1 Day Change | 1 Day % Change | Units |
|---|---|---|---|---|
| Gold | $1,040.00 | -$0.50 | -0.05% | $/troy oz |
| Silver | $16.57 | +$0.24 | +1.47% | $/troy oz |
| Cattle | 149.78p | 0.000p | 0.00% | p/kg |
| Pigs | 144.07p | 0.000p | 0.00% | p/kg |
| Lamb | 140.95p | 0.000p | 0.00% | p/kg |
| Brent Crude | $75.55 | -$2.84 | -3.62% | $/barrel |
| Krugerrand | $1,076.00 | -$8.10 | -0.75% | $/troy oz |
| Palladium | $324.00 | $0.00 | 0.00% | $/troy oz |
| Platinum | $1,320.00 | -$8.00 | -0.60% | $/troy oz |
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