Gold gains 0.3%; Texas Crude Oil up at $77.94
New York (Nov 11) Gold settled fractionally higher today near lows of the year after struggling to shake off early-session losses with the government, bond market and the banks closed down for Veterans Day.
Gold for December delivery settled up 0.3 percent at $1,163 an ounce on the Comex division of the New York Mercantile Exchange. Last Thursday, gold settled at its lowest point on the year at $1,142.60 an ounce.
In other metals, December silver settled up less than a penny at just under $15.68 an ounce. January platinum lost $0.20 to finish at $1,206.70 an ounce while December palladium increased 0.8 percent to finish at $772.70 an ounce.
High-grade copper for December delivery increased just over a penny to settle at $3.03 a pound.
In energy trading, Brent oil slipped to a four-year low amid signs the Organization of Petroleum Exporting Countries isn’t prepared to tackle the global supply glut. West Texas Intermediate crude rose as the dollar fell against the euro.
The oil market is oversupplied, partly because of rising U.S. output, United Arab Emirates Energy Minister Suhail Al Mazrouei said in Abu Dhabi today. OPEC members including Saudi Arabia and Iraq are resisting calls to curb output and instead cut export prices to the U.S., where production is running at the highest level in more than 30 years. The group meets later this month in Vienna.
Brent for December settlement fell 67 cents to end the session at $81.67 a barrel on the London-based ICE Futures Europe exchange. That’s the lowest close since Oct. 19, 2010.
WTI for December delivery advanced $0.54 to finish at $77.94 a barrel on the New York Mercantile Exchange.