Gold Remains In Positive Territory; Oil Prices Continue To See Support
ICM Brokers | Sep 30, 2014 02:41AM ET
Crude Oil
Better-than-expected U.S. personal spending data coupled with news of refinery closures sent oil prices trading near session highs on Monday. Crude at session highs on U.S. data, refinery closures oil futures rise on U.S. data, news of seasonal and unplanned refinery closures. The Commerce Department reported earlier that U.S. personal spending rose 0.5% in August, beating expectations for an increase of 0.4%, after a 0.1% dip in July, which boosted oil prices on hopes that a more robust U.S. economy will consume more fuel and energy going forward. Oil prices continued to see support after Friday's news that U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast. Elsewhere, prices rose ahead of seasonal refinery closures, when facilities are tweaked to produce gasoline and other products better suited for colder weather.
GOLD
Gold futures came off earlier highs in Monday trading after the dollar recovered from mixed U.S. data, though the precious metal remained in positive territory on safe-haven demand stemming from unrest in Hong Kong. Gold pares gains as dollar firms, Hong Kong protests support Gold finds support as Hong Kong unrest sparks safe-haven demand. Gold prices remained in positive territory despite the dollar's recovery after investors digested mixed U.S. data and determined the economy is still gaining steam. The National Association of Realtors reported earlier that its pending home sales index fell 1.0% to 104.7 in August from 105.8 in July. Economists had expected the index to tick down 0.1% last month. Separately, the Commerce Department said that U.S. personal spending rose 0.5% in August, beating expectations for an increase of 0.4%, after a 0.1% dip in July. Elsewhere, gold prices remained elevated due to safe-haven demand after a wave of protests in Hong Kong spooked investors worldwide. Pro-democracy protestors clashed with police on Monday, angry at China's move to vet all candidates running in the city's elections for chief executive in 2017.
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