Gold and crude gain slightly after growth data
ecPulse
2014-08-28 18:19PM UTC
Gold climbed faintly after that it rose to the highest in more than a week as escalating tension in Ukraine spurred haven demand while that crude gained for a third day as the U.S. economy expanded more than previously forecast in the second quarter, boosting expectations for strong oil demand. In fact today a report showed that the U.S. economy expanded at a higher pace than previously forecast in the second quarter, lifted by a rise in business investment that was the biggest in over two years. Gross domestic product, which measures the value of all goods and services produced in the economy, increased by 4.2% annualized rate, up from the initial estimate of 4.0%, according to a report released by the Commerce Department on Thursday. The Commerce department also reported corporate profits jumped the most in around four years. The revisions to GDP showed the pickup in growth last quarter came from bigger gains in corporate spending on structures and equipment and a smaller trade deficit that was partly offset by more tepid inventory building. Accordingly the gold is so far trading around $1289.55 an ounce recording a high of $1296.35 ounce and a low of $1282.85 an ounce and crude is trading around $94.38 a barrel recording a high of $94.70 a barrel and a low of $93.45 a barrel.
Commodities News
Commodities
Palladium tumbles below $1000 an ounce once again
2024-04-26 15:34PM UTC
Palladium prices fell on Friday as the dollar rose against most major rivals, with the industrial ...
Commodities
Oil prices park at week high as US inventories drop
2024-04-26 13:14PM UTC
Oil prices rose in European trade on Friday, extending gains for the second straight session, with ...
Commodities
How did gold become a major component in Nvidia's signature GPUs?
2024-04-25 20:32PM UTC
Nvidia has witnessed one of the most stunning success stories in recent years.. But before we get ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 26-04-2024
2024-04-26 11:01AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price shows additional positive ...
Commodities
Crude oil price forecast update 26-04-2024
2024-04-26 11:01AM UTC
Crude Oil Price Analysis Expected Scenario Crude oil price keeps its stability above ...
Commodities
Silver price forecast update 26-04-2024
2024-04-26 11:00AM UTC
Silver Price Analysis Expected Scenario Silver price provides slight positive trades to ...