Market Updates
Gold Rallies On Short Covering
Ivaylo
21 Jun, 2006
Metals
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It seems that a number of market participants have begun to view the $570 level as a value area for gold. Investors believe that a consolidation phase through mid-August is possible, which is traditionally the case. Nevertheless, the market is closely observing economic and political events, which could precipitate a big move sooner.
[R]5:00AM Gold and silver rise on buying interest and fading dollar.[/R]
August gold ended up $8.10 at $580.50 a troy ounce. July silver advanced 30 cents to $10.27 an ounce. July platinum added $30.70 to $1,168.50 an ounce, while September palladium gained $8.90 to $304 an ounce. The benchmark July copper contract closed 1.90 cents higher at $3.1715 per pound.
The July crude oil contract shed 4 cents to $68.94 a barrel. The more active August contract lost 21 cents to close at $69.34 a barrel. July gasoline advanced 1.11 cents to $2.0025 a gallon. July heating oil gained 1.26 cents to $1.9074 a gallon. On the New York Board of Trade, July Arabica coffee closed 50 cents higher at 95.45 cents a pound and September gained 20 cents to 97.45 cents. Futures on raw sugar in foreign ports surged to two-week highs as funds purchased October. Trade houses bought July and the July-October spread before next week''s expiry. July finished up 36 cents at 15.21 cents a pound while October rose 39 cents to 15.58 cents a pound.
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