Gold Rises Above $700
In today’s economic
news, the Commerce Department reported Wholesale Inventories rose
0.2% in March
(report).
Economists had been expecting a larger rise.
The National Association of Realtors Chief Economist commented “Coming off a
prolonged period of record sales, housing is taking something of a breather this
year.”
Treasuries declined for the second consecutive day, ahead of tomorrow’s FOMC
meeting. The government sold $21 Bln in 3-yr notes, with a further $13 Bln of
10-yr notes to be offered later this week.
The bounce in the Dollar Index was short lived as today’s decline easily wiped
out yesterday’s small advance. The Dollar fell against all the majors.
Gold rises above $700 an ounce;
Crude Oil closes back above $70
June Gold futures closed at a new contract high,
rising above $700 for the first time since 1980.
June Crude Oil futures closed above $70, with tensions rising surrounding the
situation in Iran. Unleaded Gas and Heating Oil also closed higher, Natural Gas
closed lower.
All the softs closed higher, except for Lumber -0.27%. Orange Juice +3.66%,
Cocoa +2.70% and Sugar +1.28% were the best performers.
The grains closed higher, led by Wheat +3.30%.
Economic News
Wholesale Inventories Up 0.2% In March (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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