gnutrade.satya
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Joined: 06 May 2009
Location: Hyderabad
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| Commodities oil fell and gold rose for April delivery |
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Oil rose after the US GDP grew at 5.9 percent annual rate signaling fuel demand. Peter Beutel, president of trading adviser Cameron Hanover Inc. in New Canaan, Connecticut, said: "The positive GDP number is putting upward pressure on prices. We are going to be focused on anything that gives an indication of where the economy is going.”
US light crude for April delivery fell $1.83 to end the session in New York at $78.17 a barrel.
Gold rose on speculation that Greece's debt may increase demand for gold as an alternative investment. Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, said: "You’ve got to look to play gold on the long side. Fiat currencies continue to lose credibility. Even if Greece gets rescued, there will be another country in line with their hands out. People are flocking to gold to shield themselves from the volatility in the currency markets.”
The April contract rose $11.30 to $1,108.50 an ounce in New York.
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