Market Updates
Gold Drops at Close
Ivaylo
09 May, 2006
Metals
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June gold hit a new high of $688.20 an ounce on the NYME only to close at $679.90 an ounce, $4.40 down. The cooling of prices came as a result of the news that Iranian President Mahmoud Ahmadinejad wrote a letter to President George W. Bush in an effort to offer
[R]7.00 AM Commodities fall, led by likely political deal.[/R]
June gold reached a new high of $688.20 an ounce on the NYME to close at $679.90 an ounce, $4.40 down. The decline came as a reaction to possible easing in the disputes between Iran and the United States. The news triggered a rally in precious metals which also resulted in oil, trading lower, as well as helping the dollar reclaim lost territories against the yen and the euro. Gold will probably be influenced in the near future by the U.S. Treasury semi-annual report to Congress and by the FOMC meeting and its statement on interest rates Wednesday.
Silver followed suit and closed at $13.77 an ounce, losing 12 cents on the day. Platinum advanced to end $12.80 up, closing at $1,201.90 an ounce, while palladium was down $3.50 to finish at $375.25 an ounce. Copper settled at $3.5015 per pound, up 0.8 cents. Crude oil in New York finished at $69.77 a barrel, losing 42 cents on the day, with gasoline dropping 3.7% to finish at $2.0036 a gallon. Cocoa settled at $1,522 a metric ton, flat compared with previous trading day and raw sugar edged down 0.23% to close at 17.25 cents a pound.
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