Market Updates
Gold Extends Correction Lower
Ivaylo
09 Jun, 2006
Metals
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The powerful upward move of the dollar continued to erase gains in gold and silver, based on premises that the Fed''s interest-rate tightening cycle isn''t finished yet and that the Fed is committed to fighting inflation, having as a result funds liquidating positions in gold.
[R]5:00AM Gold and silver continue decline on Thursday.[/R]
August gold declined $18.80 to finish at $613.80 an ounce on NYME. It reached a low of $613, its weakest level since April 13. Gold reached an all-time peak of $739.20 an ounce on May 12. July silver declined 81.5 cents to $11.075 an ounce, after it bottomed at $11.05 an ounce - its weakest level since March 29. July platinum plunged $41.40 to $1,190.10 an ounce, while September palladium tumbled $21.10 to $322.55 an ounce. The benchmark July copper contract closed the day down 22.7 cents at $3.3570 per pound.
The July crude oil contract finished down 47 cents at $70.35 a barrel after falling to $69.10 a barrel. July gasoline closed 2.18 cents lower at $2.1022 a gallon, much higher than its earlier low of $2.0450 a gallon. On the New York Board of Trade, July Arabica coffee closed 0.45 cent higher at 96.45 cents a pound and raw sugar in foreign ports futures for July ended down 0.19 cent at 15.03 cents a pound.
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