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Oil And Gold Analysis: Gold Slides On Improving US Economy

ByICM Brokers
Published 06/26/2013, 06:50 AM
Updated 04/25/2018, 04:40 AM
CL

Crude rose for a second day as U.S. durable goods orders gained more than forecast in May. Getting better durable goods data is a sign that the economy is becoming a little bit more vibrant,” said Jacob Correll, a Louisville, Kentucky-based commodity analyst at energy management firm Schneider Electric Professional Services. “Enbridge is restarting the pipeline and it makes sense why we would see more weakness in prices. The U.S., the world’s biggest oil-consuming country, accounted for about a fifth of global demand last year, according to BP Plc (BP/)’s Statistical Review of World Energy.
OIL
GOLD
Gold slid for a second straight day as signs of improving U.S. economic growth boosted speculation that the Federal Reserve will end its stimulus program. Orders for durable goods rose a better-than-forecast 3.6 percent in May, while confidence among U.S. consumers climbed in June to the highest in more than five years, separate reports showed today. Gold slumped 6.9 percent last week after Fed Chairman Ben S. Bernanke said the central bank may slow its asset-purchase program if the U.S. economy continues to Bullion has tumbled 24 percent this year as some investors lose faith in it as a store of value and as speculation grew that the Fed will taper debt-buying that helped the metal extend a rally to a 12-year bull run through 2012. Morgan Stanley and Credit Suisse Group Inc. cut their price forecasts today, joining Goldman Sachs Group Inc. and UBS AG in paring estimates. The dollar gained as much as 0.4 percent against a basket of currencies, rising for the fifth straight session.
Gold

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