CL
Crude oil futures fell on Monday after data revealed sales of durable goods in the U.S. were soft in July and painted a picture of an economy still battling headwinds as it recovers and will demand less fuel and energy going forward. A pickup in exports from Libya also weakened crude prices, though concerns that violence in Syria may morph into an international crisis and threaten global supply curbed losses. The Commerce Department reported earlier that U.S. durable goods orders dropped 7.3% in July, outpacing expectations for a 4.0% decline. The July figure marked the largest decline since August 2012. Core durable goods orders, which are stripped of volatile transportation items, fell 0.6% last month defying expectations for a 0.5% increase. The numbers softened oil prices by fanning concerns that the U.S. economy has yet to enter a stage of more sustained recovery and faces potholes until then.
GOLD
Gold prices fell on Monday after investors concluded that even though the monetary stimulus programs that have supported the precious metal in the past will stick around possibly for longer than anticipated, eventually, the Fed will likely begin winding down such policies this year. Gold and the dollar tend to trade inversely from one another, and talk of the end of Fed stimulus measures softens the former while bolstering the latter. Weak U.S. economic reports sent gold prices spiking Friday and earlier on Monday until profit taking ended the rally. The Commerce Department reported earlier Monday that U.S. durable goods orders dropped 7.3% in July, outpacing expectations for a 4.0% decline. The July figures marked the largest decline since August 2012. Core durable goods orders, which are stripped of volatile transportation items, fell 0.6% last month defying expectations for a 0.5% increase.
Crude oil futures fell on Monday after data revealed sales of durable goods in the U.S. were soft in July and painted a picture of an economy still battling headwinds as it recovers and will demand less fuel and energy going forward. A pickup in exports from Libya also weakened crude prices, though concerns that violence in Syria may morph into an international crisis and threaten global supply curbed losses. The Commerce Department reported earlier that U.S. durable goods orders dropped 7.3% in July, outpacing expectations for a 4.0% decline. The July figure marked the largest decline since August 2012. Core durable goods orders, which are stripped of volatile transportation items, fell 0.6% last month defying expectations for a 0.5% increase. The numbers softened oil prices by fanning concerns that the U.S. economy has yet to enter a stage of more sustained recovery and faces potholes until then.
GOLD
Gold prices fell on Monday after investors concluded that even though the monetary stimulus programs that have supported the precious metal in the past will stick around possibly for longer than anticipated, eventually, the Fed will likely begin winding down such policies this year. Gold and the dollar tend to trade inversely from one another, and talk of the end of Fed stimulus measures softens the former while bolstering the latter. Weak U.S. economic reports sent gold prices spiking Friday and earlier on Monday until profit taking ended the rally. The Commerce Department reported earlier Monday that U.S. durable goods orders dropped 7.3% in July, outpacing expectations for a 4.0% decline. The July figures marked the largest decline since August 2012. Core durable goods orders, which are stripped of volatile transportation items, fell 0.6% last month defying expectations for a 0.5% increase.