Energy prices rose Monday on fears that turmoil in Egypt could spread elsewhere in the Middle East and pinch oil supplies. Gold prices, which usually rise amid volatility, fell unexpectedly. Egypt is only a minor oil producer, but it controls the Suez Canal and an adjacent pipeline the ship a combined two million barrels of oil every day. The Suez remains open and shipping has not been interrupted. Traders worry instability could affect those supplies. The decline in gold prices mystified some traders who expected it to maintain last week's rally. Investors often buy gold and silver as a hedge against unpredictability in the markets during times of uncertainty. But Monday, they sold off metals futures. "It is about as clear a direction as the outcome of the social wildfire raging over in Egypt," Kitco Metals Inc. Senior Analyst Jon Nadler said in a note to clients.One reason for the flight from metals could be the improving U.S. stock market, Nadler wrote, which has lured some investors back into equities rather than safe havens like gold. Gold for April delivery lost $7.20 to settle at $1,334.50 an ounce while silver for march delivery rose 25 cents to settle at $28169 an ounce.http://www.intactnews.ro/ April platinum fell $4.10 to $1,800.90 an ounce. Copper for March delivery rose 8.55 cents to settle at $4.4585 a pound, March palladium gained $3.10 to $820.10 an ounce. While metals were mixed, energy prices rose.
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Tuesday, February 1, 2011
Energy prices rose Monday on fears that turmoil in Egypt could spread elsewhere in the Middle East and pinch oil supplies. Gold prices, which usually rise amid volatility, fell unexpectedly. Egypt is only a minor oil producer, but it controls the Suez Canal and an adjacent pipeline the ship a combined two million barrels of oil every day. The Suez remains open and shipping has not been interrupted. Traders worry instability could affect those supplies. The decline in gold prices mystified some traders who expected it to maintain last week's rally. Investors often buy gold and silver as a hedge against unpredictability in the markets during times of uncertainty. But Monday, they sold off metals futures. "It is about as clear a direction as the outcome of the social wildfire raging over in Egypt," Kitco Metals Inc. Senior Analyst Jon Nadler said in a note to clients.One reason for the flight from metals could be the improving U.S. stock market, Nadler wrote, which has lured some investors back into equities rather than safe havens like gold. Gold for April delivery lost $7.20 to settle at $1,334.50 an ounce while silver for march delivery rose 25 cents to settle at $28169 an ounce.http://www.intactnews.ro/ April platinum fell $4.10 to $1,800.90 an ounce. Copper for March delivery rose 8.55 cents to settle at $4.4585 a pound, March palladium gained $3.10 to $820.10 an ounce. While metals were mixed, energy prices rose.
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