Back
28 Aug 2013
Commodities soar on military strike jitters
FXstreet.com (Athens): Commodities skyrocketed on Tuesday, in response to building concerns that the Western powers are poised to intervene militarily in Syria.
Brent crude leaped to a six-month high on Tuesday, up more than $3 in heavy trading to top $114 a barrel, as Western powers considered a military strike against Syria following last week's suspected chemical weapons attack. Brent crude notched its biggest daily percentage gain since October, rising by 3.3 percent to settle $3.63 higher at $114.36 a barrel. It hit a session high of $114.42. Furthermore, U.S. crude rose raised $3.09 to settle at $109.01 a barrel. Its session high of $109.32 matched its high for the year so far. Gold rose 1 percent to its highest price in more than three months on Tuesday, as investors sought safe havens from rising geopolitical tension, with an attack by Western powers on Syria seen imminent.
In addition, the spot price of gold rose 0.9 percent to $1,417.10, having earlier hit $1,423.41, which marked the highest since May 15. U.S. gold futures for December delivery settled up $27.10 at $1,420.20 an ounce. Trading volume was at 156,000 lots, about 20 percent below its 30-day average. Last but not least, XAG/USD was up 0.9%, having hit $24.68, the highest since April 15.
Brent crude leaped to a six-month high on Tuesday, up more than $3 in heavy trading to top $114 a barrel, as Western powers considered a military strike against Syria following last week's suspected chemical weapons attack. Brent crude notched its biggest daily percentage gain since October, rising by 3.3 percent to settle $3.63 higher at $114.36 a barrel. It hit a session high of $114.42. Furthermore, U.S. crude rose raised $3.09 to settle at $109.01 a barrel. Its session high of $109.32 matched its high for the year so far. Gold rose 1 percent to its highest price in more than three months on Tuesday, as investors sought safe havens from rising geopolitical tension, with an attack by Western powers on Syria seen imminent.
In addition, the spot price of gold rose 0.9 percent to $1,417.10, having earlier hit $1,423.41, which marked the highest since May 15. U.S. gold futures for December delivery settled up $27.10 at $1,420.20 an ounce. Trading volume was at 156,000 lots, about 20 percent below its 30-day average. Last but not least, XAG/USD was up 0.9%, having hit $24.68, the highest since April 15.