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GOLD
Gold ended the week at 1284.90 well below its weekly trading range. Gold trading close to the 1315.00 price most of the week with little direction but a combination of the ECB rate reduction and positive data from the US traders pulled away from the shiny metal. Gold dropped 1.7 percent. A flurry of sell orders in heavy volume sent U.S. gold futures down more than $10 just minutes after the October nonfarm payroll data, setting a weaker tone for the rest of the day. A similar move in gold futures was also seen after Thursday’s strong GDP report. The precious metal had rebounded in recent weeks after a prolonged budget battle in Washington in October led investors to believe the Fed may not start withdrawing support for the economy and might push the tapering into next year. But after Friday’s strong employment data.
SILVER
The precious metal had rebounded in recent weeks after a prolonged budget battle in Washington in October led investors to believe the Fed may not start withdrawing support for the economy and might push the tapering into next year. But after Friday’s strong employment data, it would be unwise to rule out chances the Fed could curtail its bond-buying as soon as its next meeting in December. Silver declined as the latest jobs report from the Department of Labor revealed the economy added a net 204,000 jobs in October, easily beating expectations of only 120,000 jobs.
CRUDE OIL
Crude Oil ended the week at 94.40 after climbing to 94.60 about 40 cents higher than Thursday’s close but down for the week. In the meantime Brent Oil ended the week on a positive note trading at 105.02. Brent recovered from a four-month low as traders monitored negotiations between Western powers and Iran. Traders believed the jobs report is a good economic sign. Most signals are pointing to the U.S. economy improving and it’s good for oil demand. Oil received support from civil unrest in Libya, where some of the worst fighting in months broke out in Tripoli on Thursday. Libyan protesters prevented a tanker from loading oil at the eastern Hariga port on Friday. Oil futures bounced off an earlier four-month low on Friday, but prices could plunge if an agreement on Iran’s nuclear program is made this weekend.
NATURAL GAS
Natural gas is nevertheless a major commodity in its own right, which is used for everything from cooking food to heating houses during the winter. Natural Gas is growing much faster than either of its non-renewable fossil fuel competitors, oil and coal. Natural Gas climbed on Friday to help the commodity close on a positive note for the week at 3.563 after inventory data from the EIA showed a smaller climb in inventory levels than expected. Natural gas futures gain fourth day on cold weather in US east. Natural gas rose for a fourth day in New York on forecasts for colder than normal weather in the eastern USA that may boost demand for heating. Increased demand for exports of US natural gas remained in the news this week helping shift sentiment to a more positive note as traders backed the commodity.
COPPER
Copper ended at 3.258 gaining steadily. The unexpected acceleration in job growth indicated the U.S. government shutdown had less of an impact than feared. China’s trade data supportive for the industrial commodities China’s overseas shipments increased 5.6 percent in October from a year earlier. All the base metals except copper closed lower on tapering concerns. Copper managed to close in positive territory on account of tighter spread and falling LME inventories. The US GDP and China’s trade balance data are supportive for the complex.
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