Market Updates

Gold Climbs On U.S. Job Data

Ivaylo
05 Jun, 2006
Metals

    Weak economic data helped gold climb up, as the yellow metal is regarded as a resort to increasing inflation; if the U.S. economy is viewed as weakening, the Federal Reserve will most certainly continue raising interest rates to curb inflation.

[R]5:00AM Gold prices rose on Friday helped by weak U.S. job data.[/R]
August gold on the NYME advanced $7.50 to close at $641 an ounce, after rising to $644 an ounce. July silver finished 18 cents higher at $12.085 an ounce. The most-traded July copper contract advanced 11.55 cents to finish at $3.5865 per pound.

Oil prices rose more than $2 a barrel Friday on a wave of buying sparked by domestic and international supply concerns. July crude oil advanced $2.36 to a high of $72.70 a barrel, the highest intra-day level for a front-month contract since May 11. July gasoline closed up 7.03 cents at $2.1975 a gallon. On the New York Board of Trade, July Arabica coffee closed 1.30 cents up at $1.0125 a pound. Raw sugar in foreign ports futures for July ended up 0.07 cent at 15.21 cents a pound.

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