(Best Syndication News) The dollar picked up steam against the yen but dropped sharply against the euro, while most commodity prices began to advance today (see forex and futures charts below). Several factors worked in favor of gold, silver and crude oil prices.

Precious Metals

Gold prices jumped after two-straight days of declines. Stock and commodity prices advanced during the testimony of Federal Reserve Board Chairman Ben Bernanke at a House Budget Committee meeting. The Fed Chair said that lawmakers should postpone budget reduction proposals and promote growth in the near-term.

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(Best Syndication News) Stocks opened lower but rallied later in the day after reports came in from Europe that Greek leaders were close to an austerity agreement (see stock charts below). The DJIA average barely pushed through yesterday?s close after an early drop.

Last month Greece struggled to work out a deal with private bond holders, and now the government is fighting an unpopular uphill battle with citizens to impose higher taxes and budget cuts. The European sovereign debt crisis continues to play a major role in U.S. equity markets.

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(Best Syndication News) Brent crude oil advanced today as tensions between Iran and the United States continued to fester (see forex and commodities charts below). The dollar gained against the yen but slipped against the euro despite the uncertainty in Europe.

Precious Metals

Gold prices were lower Friday and Monday after seven straight positive sessions on the COMEX (see the survey #2 chart below). Encouraging economic news and low interest rates in the United States helped propel the golden metal lower.

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(Best Syndication News) European Union frustration over the lack of Greek political cohesion spilled into equity markets on Monday (see stock charts below). The clock is ticking and Greek elected officials need put forth their budget and austerity measures before the next tranche of bailout money is provided.

German Chancellor Angela Merkel told reporters that time is running-out while policy makers in Greece are struggling to please their constituents and appease the EU. The situation put downward pressure on equities in Europe and the United States.

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(Best Syndication News) The dollar is trending higher early Monday as stock markets in Europe open lower (see forex tables below). Last week?s lower-than-expected U.S. unemployment rate failed to provide enough optimism to bolster stock prices today.

World Economic News

Political leaders in Greece failed to reach a final agreement on austerity measures Monday. This put downward pressure on stocks and the euro while continuing to cast a shadow on future bailouts.

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