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Commodities Finish Higher as Fed Raises 2011 GDP Forecast; Crude Oil, Gold Gain

Commodities finished mostly higher as crude oil and gold futures ended with fractional gains after the Federal Reserve boosted projections of GDP growth.

The Fed now sees growth in 2011 ranging from 3.4% to 3.9%.

Light, sweet crude oil for March delivery finished up $0.67, or 0.8%, at $84.99 a barrel. In other energy futures, heating oil was up 1.26% to $2.76 a gallon while natural gas was down 1.0% to $3.93 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.37% to $35.52. The United States Natural Gas ETF ( UNG ) is down 2.1% to $5.30.

Meanwhile, gold futures finished just higher after the April contract gained strength on safe-haven buying.

Gold for April delivery finished up 0.1% to $1,375.10 an ounce. In other metal futures, silver was down 0.08% to $30.67 a troy ounce while copper traded down 1.09% to $4.49.

The U.S. dollar index (DXY) is down 0.12% to $78.52.

In metal ETFs, SPDR Gold Trust ( GLD ) is up 0.13% to $134.15. Market Vectors Gold Miners ( GDX ) is up 0.57% to $57.84. iShares Silver Trust ( SLV ) is up 0.07% to $30.02.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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