BR: Gold Hits New All-Time High; Energy Sharply Higher
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[BRIEFING.COM] The US Dollar Index has steadily trended lower in its overnight and morning session and is currently near today current lows, which has provided price support to most of the commodity complex. And currently, major commodities including crude oil, natural gas, gold and silver and trading just under session highs.
January crude oil, which just began trading today in place of the Dec contract, traded in a tight range overnight but began to gain momentum as the open of pit trading came closer. Crude extended its upward price momentum at the opening and pushed to morning highs of $79.92 per barrel. Currently, crude is trading 2.5% higher at $79.43 per barrel.
December natural gas is pulling back off of recently hit session highs of $4.58 per MMBtu. An hour before its recently hit highs, natural gas put in new lows at $4.467 before bouncing to its recent highs. In current action, natural gas is 2.8% higher at $4.546 per MMBtu.
Precious metals are also seeing price support on the weakness in the dollar. December gold recently hit new all-time highs, as well as new session highs, of $1174.00 per ounce and is currently trading just under those highs at $1171.00 per ounce, up 2.1%. December silver also hit its own fresh session highs of $18.935 per ounce and is currently up 2.1% at $18.83 per ounce.