Oil And Gold: Down And Up
ICM Brokers | Oct 25, 2013 05:33AM ET
Crude oil tumbled as more Americans than forecast filed for unemployment benefits and after gaining for the first time in four days as a measure of China’s economic recovery topped forecasts. Crude oil rose 0.3 after a preliminary index of Chinese manufacturing gained more than forecast this month, while U.S. factory output expanded at a slower pace than estimated. Prices touched $95.95, the lowest intraday level since June 27.
Gold
Gold rose to a three week high on speculation that the Federal Reserve will maintain the pace of monetary stimulus to boost economic growth, spurring demand for the metal as a store of value. Gold production rose to 637,100 ounces from 592,500 ounces a year earlier. The average of eight estimates was for 683,100 ounces.
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