Commodity News 12 July 2011

Posted by swati jadhav on Tuesday, July 12, 2011

Gold prices on Friday posted their biggest weekly rise since November 2009, achieved after a weak U.S. labor market report renewed fears about the health of the world's biggest economy and spurred safe-haven buying.

u.s. crude oil futures ended 2.5 percent lower friday, posting their biggest one-day percentage loss in two weeks, as a disappointing jobs report stoked more worries about oil demand. on the new york mercantile exchange, crude for august delivery settled at $96.20 a barrel, down $2.47, after trading between $95.60 and $99.18. the losses were not enough to erase gains for the week as oil prices continued to rebound from the four-month lows of late last month after iea's announcement it was releasing 60 million barrels of government-held oil reserves from members. for the week, front-month crude rose $1.26, or 1.33 percent, from the $94.94 settlement of july 1, extending gains for a second straight week. (reporting by gene ramos; editing by john picinich.

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