Market Updates

Gold Closes above $700

Ivaylo
10 May, 2006
Metals

    U.S. benchmark gold futures finished at a 26-year high of $701.50 an ounce, up $21.60 on the day, the highest price for the leading U.S. gold futures contract since September 1980. The rally on gold was driven by tensions over Iran''s nuclear plans, inflationary concerns and speculations about China''s gold reserves. Platinum, palladium and silver also hit record highs.

[R]6.00 AM Gold closes at a 26-year high on Tuesday.[/R]
The most–traded June gold contract hit a spike of $702.20 an ounce in intra-day to close at $701.50 an ounce, $21.60 up on the day. Platinum reached a $1,243-an-ounce record high, following an intensive rally of both local and commercial buyers. July platinum finished later at $1,239.30 an ounce, advancing $37.40 on the day. Palladium also surged to $395 an ounce, the July contract closing the day at $394.90. Silver came atop a three-week upward movement with a fresh $14.465 an ounce, advancing 69.5 cents on the day. Copper finished up 9.45 cents to $3.5960 a pound, hitting earlier a contract at $3.60. Front-month May copper futures gained 9.05 cents to end at $3.6960.

June crude oil finished up 92 cents at $70.69 a barrel. Gasoline advanced 4.30 cents to $2.0466 a gallon. On the New York Board of Trade July Arabica coffee closed 1.3 cents up at $1.0890 a pound. Raw sugar in foreign ports advanced $41 to close at $1,563 a metric ton.

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