Market Updates

Gold Tumbles On Strong Dollar

Ivaylo
14 Jun, 2006
Metals

    Losses for gold began in Asia, when spot prices dropped below $600 a troy ounce, and moved later into the London and New York sessions. Gold''s way below $600 toward the end of Asian trade set the tone for today with traders staying firmly on the offer for the rest of the day.

[R]5:00AM Gold and other precious metals fell across the markets.[/R]
August gold futures on NYME were down $42.30 an ounce to $569. July silver shed $1.445 an ounce to $9.62. The intraday low of $9.60 was the weakest level since March, down 37% from a high of $15.20 on May 11. July copper plunged 21.80 cents to $3.0105 per pound. Palladium dropped to $275 an ounce and closed near $272/277, against $311/316 previously. Platinum plunged to a six-week low at $1,120 an ounce before ending at $1,116/1,120, versus $1,168/1,172. The metal hit an all-time high of $1,338 last month.

Light sweet crude oil for July delivery dropped $1.80 to end at $68.56 a barrel, the lowest close since May 19. In London, July Brent crude futures fell by $2.01 to finish at $66.92 per barrel. Gasoline futures dropped by 7.25 cents Tuesday to end at $2.0518 a gallon

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