Crude Oil, Gold And Silver Experiencing Brisk Trade On Monday
Following the extended weekend due to the Easter holidays traders at sites including Spread Co saw commodities rally as the US dollar felt the pinch, with Crude Oil, Gold And Silver Experiencing Brisk Trade On Monday. Both gold and crude oil rose to record highs today with Nymex crude oil prices rising to a 17-month high.
Oil trading resumed in a brisk fashion after the Easter holidays with investors speculating that demand for ‘black gold’ will increase as the world economy starts its recovery from the global recession witnessed over the last couple of years. The price of crude oil for delivery in May rose by well over $1.00 during the extended weekend, climbing as high as $85.97 a barrel during after-hours electronic trading on the New York Mercantile Exchange. This is crude oil’s highest value since the 9th of October 2008.
Gold prices benefitted from the weakening dollar as Forex markets tend to influence trading activity in commodity markets. As the markets reopened today the price of spot gold was at $1,128.30 an ounce, which is an increase of over $2.50 from its closing price on Friday. The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust quoted its holdings as being 1,129.82 tonnes as of the 1st of April, which is the same as it was on the previous day of trading.
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