Market Updates

Gold Closes At Seven-Week Low

Ivaylo
08 Jun, 2006
New York City

    Bernanke''s remarks were considered a signal of further rate increases, sending the dollar up against its major rivals. Another factor for the decline of gold was the hope for a break in the diplomatic impasse over Iran''s nuclear program. Both Tehran and Washington are positively viewing the West''s offer of incentives if Iran stops uranium enrichment.

[R]5:00AM Gold declines as dollar continues higher.[/R]
Gold for August delivery finished $2.10 down at $632.60 an ounce on NYME, its lowest close since April 24. Other metals were mixed with silver finishing 4.5 cents up at $11.89 an ounce, platinum off $4.40 at $1,231.50 an ounce and palladium ending $7.10 down at $338.75. Copper overcame morning weakness to finish 9.5 cents up at $3.584 a pound.

Crude oil for July delivery finished $1.68 down at $70.82 a barrel and gasoline futures ended 5.5 cents down at $2.124 a gallon, while heating oil declined 4.7 cents at $1.9954 a gallon.

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