Crude Oil
Crude oil prices ended the month lower, despite posting their first weekly gain in five weeks on Friday bolstered by concerns over worsening tensions in Ukraine and as broadly upbeat U.S. data lifted the demand outlook. Crude oil moved higher after data showed that U.S. consumer sentiment rebounded to a seven year high in August, with the final reading of the University of Michigan’s consumer confidence index rising to 82.5 from 81.8 in June. Another report indicated that manufacturing activity in the Chicago region continued to expand in August, pointing to underlying strength in the sector. The reports offset separate data showing that U.S. consumer spending unexpectedly fell 0.1% in July. The reports came one day after data showed that U.S. gross domestic product expanded at an annual rate of 4.2% in the second quarter, up from a preliminary estimate of 4% and rebounding from a first quarter contraction.
Gold
Gold prices dipped on Friday, easing back from one-week highs as broadly upbeat U.S. economic data dampened safe haven demand for the precious metal, but prices remained supported as tensions between Russia and Ukraine remained high. gold retreated from the day’s highs after data showed that U.S. gross domestic product expanded at an annual rate of 4.2% in the second quarter, up from a preliminary estimate of 4% and rebounding from a first quarter contraction. Reports on Friday showed that U.S. consumer sentiment rebounded to a seven year high in August, with the final reading of the University of Michigan’s consumer confidence index rising to 82.5 from 81.8 in June. Another report indicated that manufacturing activity in the Chicago region continued to expand in August, pointing to underlying strength in the sector. The reports offset separate data showing that U.S. consumer spending unexpectedly fell 0.1% in July.
