Oil Falls After Israel-Hamas Cease-Fire; Gold Tops $1,750
ICM Brokers | Nov 26, 2012 04:11AM ET
Oil fell for the first time in three days as a cease-fire between Israel and Hamas held steady and Egyptian President Mohamed Mursi prepared to meet with the nation’s judiciary after protests against his new powers. The meeting may signal that the Egyptian president is trying to cool off the violence that has emerged. Oil has come down a bit but only slightly. We look at this slight edging down as profit taking. West Texas Intermediate crude for January delivery dropped as much as 39 cents to $87.89 a barrel. Prices rose 1.9 percent last week, the most in six weeks, and are down 11 percent this year.
GOLD
Gold futures topped $1,750 an ounce and silver climbed to a six-week high as the dollar’s drop spurred demand for the metals as alternative investments. The dollar weakness is supporting gold, gold futures for December delivery rose 1.3 percent to $1,751.40, the biggest gain for a most-active contract since November 6. Earlier, the metal touched $1,755, the highest since October 17. Silver futures for March delivery gained 2.3 percent to $34.206 an ounce. Earlier, the price reached $34.25, the highest since October 11.
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