Significant losses recorded the price of Crude on Monday’s trading as the deterioration of the U.S. economy outlook to negative by Standard & Poor’s has rekindled the concerns about a slowdown in growth in the U.S. which will cause a decline in the demand for oil. The contract of crude of May delivery lost 2.54 dollars or 2.3% and closed the trading at 107.12 dollars a barrel on the Commodity Exchange in New York. The Crude of Brent type of June delivery on the ICE futures exchange fell by 1.81 dollars to 121.64 dollars a barrel.
At new high record level closed the price of gold on Monday’s trading, very close to the psychological level of 1,500 dollars per ounce, while the price of silver climbed to new 31 years high as investors seek safe heavens. The most active contract of Gold – which is the one of June – gained 6.90 dollars or 0.5% and closed at 1492.90 dollars per ounce. Intraday, the price of Gold reached up to $1497.30 per ounce in the commodities exchange market in New York.
“The uncertainty in the markets is expected to maintain the high demand for gold as the precious metal is considered a safe haven”, said the Commerzbank.
