Market Updates
Gold Sets New 26-Year High
Ivaylo
12 May, 2006
Metals
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Gold has gained more than 40% since November of last year, led by a number of factors, among which are the worse-than-expected U.S. economic data and a decline of the dollar against the euro. These key reasons have brought about massive speculative and fund rallies. The tensions over Iran
[R]5.00 AM Gold and Silver Close at New Price Hikes.[/R]
The most-traded June contract gold advanced to $721.50 an ounce at close a rise of $15.80 on the day, having peaked before that at $728 an ounce on the NYME. Silver also soared to $15.20 an ounce for the July contract in intra-day to close at $14.935 an ounce, 65.5 cents higher on the day. According to analyst the strong demand for the metal and the sturdy prices will keep silver on the rise in the near future. Platinum rose as much as $35.90 to $1,295.60 an ounce and palladium finished $9.80 up to $401.10 an ounce. Copper futures saw all-time highs as well, as the May contract set a record of $4.16 a pound. The most-traded July struck a contract high of $4.04 a pound.
Crude oil prices breached the $73 a barrel mark as fears over mounting instability in Nigeria compounded worries about summer gasoline supplies. Light, sweet crude for June delivery advanced to $1.19 to finish at $73.32 a barrel. June gasoline surged 5.02 cents to end at $2.2196 a gallon. Futures of raw sugar in foreign ports closed higher as July sugar edged 0.27 cent up to close at 17.65 cents a pound. July futures for cocoa finished $5 up to close at $1,566 a ton.
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