Gold, Silver and Crude Oil
Several closely tracked commodities fell to selling pressure this session.
Specifically, Crude Oil prices ended pit trade at 82.79 bbl for a 0.2% loss.
On the week, the Crude Oil advanced 4.5%.
Elsewhere in the energy complex, Nat Gas prices tumbled 3.1% to 3.49 per MMbtu. The decline fueled a weekly loss of almost 5%.
Precious metals failed to find favor amid a downturn among equities. Gold prices gave up 1.1% to end the day at 1635.50 ox, but managed to mark a 0.8% gainer on the week.
As for silver, it fell 3.0% to 31.05 oz on the session, but still scored a 3.2% gain for the week.
Gold Market Recap: 7 October 2011
The Gold market generally held the initial pulse up trade but the market was somewhat confused by statistical doubts on how the gain in payrolls was accomplished.
Apparently the trade was concerned that temporary workers due to storm clean up and returning striking made the readings better than they would have been otherwise.
A retrenchment in the initial sharp range up move in stocks seemed to temper the renewed optimism on the economy, and that in turn prompted some physical commodity markets to give up a portion of their early gains.
Reports of a credit rating downgrade for Italy and Spain sparked an upside reversal in the US dollar, which ultimately pressured December gold back into negative territory.
Silver Market Recap: 7 October 2011
The Silver market managed an upside breakout this morning and managed to sustain that positive action until just ahead of mid session.
Noted weakness in the dollar and generally upbeat macro economic sentiment seemed to underpin the Silver market in the Friday morning US trade.
With the rise this morning, Dec Silver prices managed to reach their highest price since September 28th.
Fresh European debt concerns around mid-day inspired an 0.80 break down to new lows on the day.