Market Updates
Gold and Silver Edge up
Ivaylo
23 May, 2006
Metals
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Markets could be gearing up for consolidation after the run-up to 26-year highs, which led to profit-taking withdrawal. Markets may also be impacted by the economic data about existing-home sales and new-home sales and the movement of the dollar they have been released.
[R]5:00AM Gold and silver advanced slightly on Monday.[/R]
June gold advanced 20 cents to $657.70 an ounce, from a low of $636.80, which had been its bottom price since April 28. July silver finished up 7 cents at $12.43 after hitting a low of $11.88 overnight, its lowest level since April 25. Platinum closed $28.80 down to $1,284.60 an ounce, while palladium shed $10.05 to $341.75 an ounce. July copper finished at $3.4615, 0.75 cent lower, after hitting as low as $3.2760 per pound in after-hours trade.
Crude oil closed 70 cents higher at $69.23 a barrel. up 70 cents on the day, while gasoline finished up 1.90 cents at $2.0574 a gallon. Coffee futures hit new 5-month lows before industry buying stopped the retreat. July finished 1.05 cents down at 99.6 cents a pound. Raw sugar in foreign ports closed 0.03 cent down at 16.39 cents a pound.
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