Market Updates
Gold Tumbles
Ivaylo
16 May, 2006
Metals
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Market participants remained bullish on the precious metals, though a few decided to take a break. The overall uptrend appears to be unscathed for now despite the drop. There are still signs of strong demand and it will be too early to call the increase has come to a halt. There is some market sentiment, pessimistic of a likely bubble that may copycat the electronic one of the late 1990s because the fundamentals don
[R]5:00 AM Gold sheds nearly 4%. Other metals follow suit.[/R]
June gold declined $27.10 to finish at $691.90 an ounce on the NYME after dipping to $685 an ounce earlier in the day, its lowest level since it soared above $700 last week. As high as the record-breaking 29,513 contracts for gold contracts were witnessed Monday. Other metals also declined on Monday. Silver dropped 90 cents to close at $13.335 an ounce; July platinum dropped $33.70 to end at $1,284.80 an ounce; and June palladium dropped $23.60 to close at $374.75 an ounce. Copper shed 11.75 cents to finish at $3.7465 per pound.
Crude oil was also down $2.63 to $69.41 a barrel while gasoline declined 12.45 cents to $2.0540 a gallon. Arabica coffee sank to five-month lows, edging down 2 cents to settle at $1.0160 a pound. Raw sugar in foreign ports lost 0.43 cent to close at 17.17 cents a pound.
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