Market Updates

Gold Gains On The Day

Ivaylo
19 Jun, 2006
Metals

    Due to worries of rising inflation and interest rates, gold has withdrawn sharply from its 26-year high above $730 an ounce hit in May. On Thursday, the metal ended higher for the first time in eight sessions, joining in a broader market recovery. The markets are still absorbing the idea that the Fed will hike rates. With the Fed fighting inflation, the perception is that this move is detrimental toward gold.

[R]5:00AM Gold advances making amends.[/R]
Gold for August delivery ended up $11.40 at $581.70 on the NYME, but was down 5.1% for the week. The other precious metals followed suit and also posted gains except for platinum, which closed down $16.3 at $1,144.6 an ounce. Silver settled up 16 cents at $10.130 an ounce. Palladium closed 25 cents higher to $306.05 an ounce. Copper was up 7.7 cents at $3.2915 a pound.

After reaching above $70 in earlier trading, light sweet crude oil for July delivery finished up 38 cents at $69.88 a barrel Friday on the NYME. August Brent crude on London''s ICE Futures exchange declined 37 cents Friday to $68.08 per barrel. July gasoline futures dipped 1.21 cent to $2.0300 a gallon, while July heating oil prices dropped less than a cent to $1.9324 a gallon.

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