Crude Extends Gains, Gold Tumbles
ICM Brokers | Aug 26, 2015 05:52AM ET
Crude oil futures extended strong gains on Tuesday, after China's central bank cut interest rates, as Beijing steps up efforts to boost economic growth and halt a stock market rout. Crude oil for delivery rose $1.30, or 3.40%, to trade at $39.55 a barrel.
Gold prices tumbled sharply on Tuesday, after data showed that U.S. consumer confidence improved to a seven-month peak in August, boosting optimism over the health of the economy and supporting the case for an interest rate hike this year. Gold futures for December delivery shed $16.70, to trade at $1,136 per troy ounce during U.S. morning hours.
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