Market Updates
Gold Drops In Sell-Off
Ivaylo
02 Jun, 2006
Metals
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Gold, traditionally seen as a safe haven against inflation, would become a less attractive commodity if the Fed raises interest rates to control inflation. The six-week low was witnessed in the middle of a spell of fund selling and profit-taking as the dollar advanced and oil prices fell earlier in the day.
[R]5:00AM Gold and silver fell driven by concerns of hiking interest rates.[/R]
On the NYME, gold shed $15.50 to finish at $633.50 an ounce. Earlier in the trading, gold had plunged to $625.70 an ounce - its lowest level since April 21. July silver tracked movement of gold, dropping 55 cents to close Thursday at $11.905 an ounce. July platinum dipped $17 an ounce to finish at $1,229.80 an ounce, after reaching a low of $1,215. September palladium finished at $342.90 an ounce, $10.25 lower. The most-traded July copper contract dropped 15.3 cents to close at $3.4710 per pound.
July crude oil settled 95 cents lower at $70.34 a barrel, after rallying to $71.90 earlier. July gasoline ended 3.15 cents up at $2.1272 a gallon, after rising to $2.1845 a gallon earlier. On the New York Board of Trade, July Arabica coffee settled 1 cent higher at 99.95 cents a pound. The July contract for raw sugar in foreign ports finished down 0.32 cent at 15.14 cents a pound.
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