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Gold prices and crude rose in New York as optimism returns…

Publish Date29/11/2012 04:46:46 PM

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Gold prices and crude rose in New York as optimism returns…

Today we watch the gold and black gold prices climb up actually in New York mainly as optimism returned on the U.S soil and accordingly throughout the gold and black gold market with on one hand after comments by Speaker of the House John Boehner and President Barack Obama fueled optimism an agreement can be reached in budget talks while that today we cheerful GDP report released by the Bureau of Economic Analysis from the U.S. Commerce Department

If truth be told the country`s third quarter growth domestic product annualized reading have actually expanded at a 2.7 percent pace from a previous estimated pace of 2.0 percent; below the market predictions of 2.8 percent as a narrower trade deficit and gains in inventory overshadowed the past weaker gain in consumer spending.

Plus as we zoom in the index we watch that the major sub-pillars to growth are durable goods, which inclined significantly in the third quarter quarter; climbing up by 8.7 percent along with the gross private investment only that showed a second reading of actually 6.7 percent from a prior much weaker advanced reading of 0.5 percent.

Furthermore this week`s EIA report showed us that the U.S. commercial crude oil inventories decreased by 0.3 million barrels from the previous week. At 374.1 million barrels, U.S. crude oil inventories are well above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.9 million barrels last week and are in the lower half of the average range.

While both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 0.8 million barrels last week and are well below the lower limit of the average range for this time of year.

Now as a result of cheerful sentiments on one hand we watch gold prices rising to the upside to trade so far around $1726.01 an ounce recording a high of $1728.54 an ounce and a low of $1718.05 an ounce while that on the other hand oil rose as well to reach a low of $88.16 a barrel recording a high of $88.69 per barrel and a low of $86.62 per barrel.

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