Market Updates

Gold and Silver Rise Sharply

Ivaylo
24 May, 2006
Metals

    One explanation is that overselling has occurred and the market is getting a relief rally. Futures have soared again from their recent lows to suggest some technically focused buying. Bulls are now welcome, as they are considered the lesser evil than the slow grinding declines we saw in previous days.

[R]5:00AM Gold and silver on the rise again.[/R]
June gold closed $16 higher at $673.70 a troy ounce. July silver soared 74 cents to $13.17 an ounce. July platinum jumped $36.90 to $1,321.50 an ounce, while June palladium advanced $21.60 to $363.35 an ounce. Benchmark July copper advanced to $3.89 per pound then later closed at $3.88 per pound, 42.4 cents higher on the day.

July crude oil rose $1.80 to $71.76 a barrel after dropping as low as $69.85 a barrel. June gasoline finished 5.06 cents up at $2.1080 a gallon. On NYME, July Arabica coffee futures closed 1.8 cents up at $1.01 a pound. July futures of raw sugar in foreign ports closed up 0.23 cent at 16.62 cents a pound.

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