Market Updates
Gold Falls at Close but Ends Week with a Gain
Ivaylo
15 May, 2006
Metals
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June gold futures drew back a little on the day but closed above the $700 mark. The precious metal meteoric rise during the week was powered by the weakened dollar, inflation-related worries and tensions about Iran
[R]5.00AM Gold closes lower on Friday, after a week of gains.[/R]
Gold lost some ground Friday, after adding up more than 6% over the past three days to close at $711.80 an ounce on the New York Mercantile Exchange, $9.70 lower on the day. It had hit a high of $732 an ounce earlier in the week – the highest level since 1980. Analysts predict that gold will continue its rise as the economy doesn’t show any signs of slowdown. The weakness might be revealed until later in the year or early next year, giving gold bulls a great leeway to advance.
Platinum finished higher on Friday at $1,318.50 an ounce, up $22.90, while palladium shed $1.65 to settle at $398.35 an ounce, after its peak of $409. Copper lost 5.9% to end at $3.864 a pound, swinging from a high of $4 on Thursday. Crude oil also finished down at $72.04 a barrel. July Arabica coffee lost 0.85 cent to close at $1.0360 a pound and July futures for raw sugar in foreign ports shed 0.05 cent to settle at 17.60 cents a pound.
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