Market Updates
Gold Recovers on Weaker Dollar
Ivaylo
17 May, 2006
Metals
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Gold, typically seen as a safe-haven, reacted on the weakness of the dollar led by the release of weak U.S. economic data Tuesday. U.S. index PPI was mixed in view of expectations, and CPI, an even more important inflation report, will get to the market Wednesday. Even though gold has entered a stage of consolidation, further near-term weakness is likely given the large speculative length.
[R]5:00 AM Gold rises as the dollar weakens against the euro.[/R]
June gold advanced $7.90 to close at $692.90 an ounce Tuesday on the NYME. Gold had shed about 4% on Monday but rebounded due to the decline of the greenback vs. the euro, following weaker than expected U.S. economic data, suggesting that the Federal reserve may pause its monetary tightening.Silver also advanced 20.5 cents to close at $13.540 an ounce, and platinum rose $18.10 to end at $1,302.90 an ounce. Palladium followed suit and added up $2.25 to finish at $377 an ounce. Copper closed with a gain of 9.55 cents at $3.8420 per pound.
Crude oil futures advanced 12 cents to close at $69.53 a barrel but according to traders the market is skeptical about slowing demand. Gasoline futures ended 2.79 cents down at $2.0261 a gallon. July Arabica coffee futures closed 1 cent up at $1.0260 a pound and raw sugar in foreign ports for July finished down 0.14 cent at 17.03 cents a pound.
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