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Oil And Gold Analysis: Bullion Jumps 5.5 Percent Over The Last Four Days

ByICM Brokers
Published 07/15/2013, 04:47 AM
Updated 04/25/2018, 04:40 AM
CL

Crude oil headed for a third weekly increase, its longest run of gains since May. The commodity climbed as much as 0.9 percent in New York, and is on course for a 2.3 percent advance this week. A recent government report indciated that U.S. crude stockpiles have shrunk, and Federal Reserve Chairman Ben S. Bernanke called for maintaining bond purchases to revive the economy. Crude inventories fell by 9.87 million barrels last week, the Energy Department said on July 10. The Northern Oil Company reported a halt in Iraqi crude oil exporting to Turkey due to a leakage in the transport pipeline.
OIL
GOLD
Gold fell as a stronger dollar curbed demand for an alternative investment, narrowing the biggest weekly gain since October 2011. The fall occured after Federal Reserve Chairman Ben S. Bernanke called for maintaining stimulus. Bullion jumped 5.5 percent over the last four days, the best run since March. On July 10, Bernanke said that the U.S. needs “highly accommodative monetary policy for the foreseeable future. Which tracks the greenback against 10 major trading partners, rose as much as 0.6 percent. Gold slumped 23 percent last quarter. The dollar is pushing gold down,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago said in a telephone interview. “The overall trend remains weak."
GOLD

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