logo-loader
viewProactive Group

Gold, oil push higher ahead of Europe summit

globaloil350_4feb53b112a8e.jpg

Gold futures ended slightly higher after a volatile session Wednesday, while oil pushed past $80 a barrel on positive US economic data.

Gold for August delivery advanced $3.50, or 0.2% to end at $1,578.40 an ounce on the Comex division of the New York Mercantile Exchange, supported by higher commodities across the board.

Crude oil futures ended 1.1% higher at $80.21 per barrel after a weekly US supply report showed a decline in inventories.

The Energy Information Administration reported a decline of 100,000 barrels in crude supplies for the week that ended June 22. Analysts polled by Platts had expected a decline of around 1 million barrels.

US data also lifted crude oil prices, as durable goods orders for May increased 1.1% to $217.2 billion, surpassing expectations. Analysts had expected half that.

Pending home sales in May also rose to their highest level in two years, climbing 5.9%, the National Association of Realtors said Wednesday.

But the focus is likely to shift to Europe tomorrow as the two-day summit gets underway.

Though investors are not expecting a concrete resolution to the eurozone debt crisis, European leaders are under pressure to unveil some small progress as well as lay the ground work for future growth.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Electrovaya sees impressive 2nd quarter as the need for...

Electrovaya ( TSE: EFL-OTCQB: EFLVF) VP of Technology and Business Development Raj Das Gupta joined Steve Darling from Proactive Vancouver with news the company saw a very impressive 2nd quarter as they doubled revenue from Q-2. Das Gupta talks about those revenue numbers and also about...

2 hours, 28 minutes ago

2 min read