Gold Settles High, Oil Low as Investors Weigh Economic Data, Looming Jobs Report (GLD, OIL, USO, More...)
Gold ended higher today, as oil fell to a near two-month low as investors and traders weighed mixed economic data today ahead of the ADP report tomorrow morning, and the nonfarm payroll numbers and unemployment rate expected out on Friday ahead of the holiday weekend. Gold settled $9.8/ounce higher to $1249.0/ounce on the COMEX, and WTI crude is down $3.00/barrel to $71.70/barrel. Oil prices are nearing the psychological $70/barrel level not seen since the beginning of summer.
Data today showed consumer confidence coming in a 53.5, above the consensus of 50.0, and up from 51.0 reported for July. Additionally, the Case-Shiller 20-City Index increased 4.23%, beating the consensus of 3.1%, but slightly below 4.64% reported for July.
Additionally, today, Bloomberg reported that analysts for gold have increased their price targets on the metal more than any other precious metal being traded. Click here for more from that report.
Several gold ETFs to watch include: SPDR Gold Shares (NYSE: GLD), iShares COMEX Gold Trust (NYSE: IAU), Market Vectors Gold Miners ETF (NYSE: GDX), and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ).
Some oil ETFs to keep on your radar: United States Oil (NYSE: USO), iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL), and PowerShares DB Oil (NYSE: DBO).
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Data today showed consumer confidence coming in a 53.5, above the consensus of 50.0, and up from 51.0 reported for July. Additionally, the Case-Shiller 20-City Index increased 4.23%, beating the consensus of 3.1%, but slightly below 4.64% reported for July.
Additionally, today, Bloomberg reported that analysts for gold have increased their price targets on the metal more than any other precious metal being traded. Click here for more from that report.
Several gold ETFs to watch include: SPDR Gold Shares (NYSE: GLD), iShares COMEX Gold Trust (NYSE: IAU), Market Vectors Gold Miners ETF (NYSE: GDX), and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ).
Some oil ETFs to keep on your radar: United States Oil (NYSE: USO), iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL), and PowerShares DB Oil (NYSE: DBO).
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