Gold Stays Near 9-Week Low
ICM Brokers | Aug 25, 2014 07:25AM ET
Crude Oil
Crude oil futures declined on Friday, as a broadly stronger U.S. dollar and concerns over ample global supplies drove prices lower. Speaking at the Fed's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, on Friday, Yellen said the U.S. economy is recovering and added the labor market is improving as well. Her remarks came after minutes of the Fed’s July meeting published Wednesday showed that some officials believe the strengthening recovery and ongoing improvement in the labor market supports a move towards tightening monetary policy. The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, hit 82.51 on Friday, the highest since September 6, 2013, before ending the week at 82.38. Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies. Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in New York-traded oil futures in the week ending August 19.
Gold
Gold futures edged higher on Friday, but remained close to the previous day's nine-week low as market players priced in a greater risk of an earlier hike in U.S. interest rates. Speaking at the Federal Reserve's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, Fed Chair Janet Yellen said the U.S. economy is recovering and added the labor market is improving as well. Her comments came after minutes of the Fed’s July meeting published Wednesday showed that some officials believe the strengthening recovery and ongoing improvement in the labor market supports a move towards tightening monetary policy. The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, hit 82.51 on Friday, the highest since September 6, 2013, before ending the week at 82.38. Meanwhile, tensions over the crisis in Ukraine remained in focus after NATO said it was observing an alarming increase in Russian forces near the border with Ukraine.
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