Crude Surges, Gold Edges Up On Week Of Speculation
ICM Brokers | Aug 31, 2015 04:58AM ET
Crude oil futures surged for the second consecutive session on Friday, capping the biggest two-day percentage gain since 2009, as traders returned to the market to close out bets on lower prices, a move known as short-covering. Oil prices rebounded from steep declines suffered earlier in the week as Chinese equity markets bounced back from a brutal selloff, easing jitters over an ongoing stock market collapse.
Gold futures edged higher on Friday, but still ended the week down more than 2% amid expectations the Federal Reserve will start raising interest rates at its next policy meeting in September. Comments by Federal Reserve Vice Chairman Stanley Fischer on Friday suggested that the door was still open for a rate hike at the Fed's next meeting due to take place September 16-17. Fischer said that the case for a rate increase in September was "pretty strong," though it was still too soon to say what the central bank might do.
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