Market Updates

Gold Falls On Stronger Dollar

Ivaylo
20 Jun, 2006
Metals

    Most investors remain neutral to bearish and are opting either to observe the action from the sidelines or to purchase smaller amounts in a quest to average their costs for the long term. Dealer selling following humble gains in the dollar and light selling in the energy sector have put pressure on the metals again.

[R]5:00AM Gold futures fall on dollar strength.[/R]
Gold for August delivery settled down $9.30 at $572.40 an ounce on NYME. Silver ended down 16 cents to $9.97 an ounce, while platinum shed $6.80 at $1,137.8 an ounce and palladium slumped $10.95 to $295.10 an ounce. Copper also declined 13.90 cents to $3.1525 a pound.

Crude oil for July delivery also recorded losses early Monday and was last down 93 cents at $68.95 a barrel. Heating oil futures fell slightly to $1.8930 per gallon, while natural gas futures shed 17 cents to $6.720 per 1,000 cubic feet. Gasoline futures slid slightly to $1.9880 a gallon.

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