New York, NY (BBN) – Gold prices declined this week, as European bank stress tests provided no further impetus for safe haven demand, and physical demand for gold also weakened.
On Tuesday, spot gold reached three-months lows, as weak consumer confidence data in the US and rising strength of riskier currencies such as the EUR impacted the prices of the precious metal. At the end of the week, gold was trading around $1,162.65 per ounce.
On the other hand, crude oil prices opened the week trading near US$ 79 per barrel levels, but declined afterwards as US consumer confidence plunged to its lowest in five months, raising fears that the US economy was not recovering.
This was exacerbated by rising oil production in the Gulf of Mexico as Tropical Storm Bonnie failed to materialize and affect production, an increase in US crude oil inventories and weak economic data from the US Fed.
At the end of the week, West Texas Intermediate crude was trading around $76.76 per barrel levels.
BBN/SSR/SI/AD-30July10-9:26 pm (BST)
