[video] Gold Shines Past $1,215; Oil Crosses $100 Level
The video this transcript is based on appeared on December 27.
NEW YORK ( TheStreet) -- Gold is trading higher above $1,215 an ounce in Friday's session as the dollar weakens and investors seek out the precious metal as a haven. Oil meanwhile saw gains of its own crossing the $100 mark after government data showed a steeper-than-forecast drop in U.S. stockpiles.
Gold is getting some love today marking its third straight day of gains--the longest rally since August. This thanks in part as a weaker dollar pushes up demand for the precious metal as a safe haven. Gold futures for February delivery are rising roughly two-tenths of one percent to $1,215 an ounce. Some physical buying by Asian parties ahead of the Chinese New Year at the end of January is also adding to gold's upward move. Of course, the last several days won't help buck what is shaping up to be the biggest drop for the precious metal in more than three decades.
Turning to crude, we're hitting that $100 mark. Crude oil for February delivery adding more than a buck today after the U.S. Energy Information Administration announced a steeper-than-expected drop in stockpiles, which fell 4.73 million barrels to 367.6 million last week.
And that is your latest commodities update. For TheStreet, I'm Jeanne Yurman in New York.
Written by Jeanne Yurman in New York.
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