Market Updates

Dollar Boosts Gold

Ivaylo
31 May, 2006
Metals

    Traditionally regarded as a safer alternative to the dollar, gold rose yet again in the wake of the greenback fall versus the euro, following the replacement of the U.S. Treasury Secretary. The decline in the outlook in the labor market was another blow to the already enfeebled dollar.

[R]5:00AM Gold and silver advanced due to weak dollar.[/R]
August gold finished $3.10 higher at $660.50 an ounce on NYME. Earlier in the trading the contract reached $671.50 an ounce. July silver closed 34 cents higher at $13.07 an ounce after hitting a session high of $13.36 an ounce. July platinum settled down $6.70 at $1,291.40 an ounce, while September palladium ended up $2.10 at $362.65 an ounce. The most-traded July copper contract dropped 14.10 cents to $3.6740 per pound.

July crude oil contract finished 66 cents higher at $72.03 a barrel, after advancing to $72.75 a barrel. June gasoline put up 1.31 cent to $2.1499 a gallon, off its prior high of $2.19 a gallon. On the New York Board of Trade, July Arabica coffee finished 0.65 cent up at 98.75 cents a pound. July futures for raw sugar in foreign ports added 0.03 cent higher at 15.91 cents a pound.

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