Market Updates

Gold Rises Due To Dollar And N.Korea

Ivaylo
07 Jul, 2006
Metals

    A combination of factors helped power the rally, including a softer U.S. dollar and increased geopolitical tensions. The latest is that North Korea might test more missiles. It so turns out that risks of all kinds are being priced back into the market. Traders also have been citing ongoing worries about Iran''s nuclear program.

[R]5:00AM Gold and silver advance on dollar and geopolitical tensions.[/R]
August gold ended up $6.60 to $636.30 a troy ounce on the NYME. It reached $637, its strongest level since June 6. September silver settled up 17 cents to $11.585 an ounce and reached $11.64, its most muscular level since June 8. October platinum finished with a gain of $1 to $1,249.60 an ounce, while September palladium added $3.15 to $330.85 an ounce. September copper ended up 21.30 cents at $3.6170 per pound.

The August crude oil contract closed down 5 cents at $75.14 a barrel after falling as low as $74.30 a barrel. August gasoline settled 2.10 cents lower at $2.2590 a gallon. August heating oil closed down 0.10 cent at $2.0616 a gallon. On the New York Board of Trade, July Arabica coffee futures settled down 0.55 cent at $1.0130 a pound, while September slipped 0.40 cent to $1.0305 a pound. Futures on raw sugar in foreign ports for October finished up 0.14 cent at 17.16 cents a pound while March advanced 0.14 cent to 17.46 cents a pound.

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