Gold performs well on continued debt fears, crude trades in a range

http://www.tradingfloor.com - Gold has been the top-performing commodity this week, reaching a record high, but failed to breach resistance levels. ETFs are driving the gold trade in Europe as a hedge against sovereign debt problems, according to Saxo Bank's Ole Hansen. More bad news from Europe is needed to drive the price higher. Better than expected export figures from China were reported for May, raising hopes of a firming global demand for commodities, although that still hasn't materialised. In the energy sector, crude has range-traded while natural gas has risen ahead of a worse than usual forecast for hurricanes in the Mexican Gulf.

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• bank
• commodities
• crude
• etfs
• gas
• gold
• natural
• oil
• ole
• reuterscommodities
• saxo