Gold rose slightly this afternoon, adding 30 cents to finish the day at $762.30. The precious metal rallied as high as $769.80 early in the morning, but dropped throughout a majority of the day. The weakening dollar gained a little strength as the Labor Department announced that its consumer price index increased 0.3%. The slumping dollar is good for gold, and it has helped drive the commodity higher since mid-August to yesterday's recent high of $772.00, which is the best level since 1980.
After ascending to a new record this morning, crude finished the day 21 cents lower. The loss snapped oil's 6-day winning streak, which included 5 sessions with gains greater than $1. Compared to 9 days ago, crude is still $8 higher. Black gold's recent rally has been furthered by recent trouble between Turkey and Iraq, which some traders believe could disrupt oil supplies.
In inventories, the Energy Department showed a larger-than-expected increase in crude inventories. The report indicated that inventories increased by 1.8 million barrels last week, following an unexpected decrease of 1.7 million barrels. Analysts had expected an increase of 1 million barrels. Most importantly, the recent increase keeps oil inventories above the upper end of the average range for this time of year.