Market Updates

Gold Surges In Response To Bombings

Ivaylo
12 Jul, 2006
Metals

    Early in the trading, as gold was already making gains alongside oil while the dollar slipped against the euro, news broke that a number of blasts hit commuter rail network of Mumbai during rush hour Tuesday, killing more than 100 people. The bombing was the catalyst of the rally in gold. In addition, technical factors were also at the forefront of the rally as funds returned as buyers to the marketplace.

[R]5:00AM Mumbai bombings sent gold prices higher.[/R]
The most-traded August gold ended $17 higher at $643.10 a troy ounce at the NYME on Tuesday. The contract reached a five week high of $643.90 an ounce earlier Tuesday. The most-traded September silver contract raced to a session high of $11.60 an ounce. The contract later ended at $11.55 an ounce, up 44 cents on the day. October platinum finished up $23.30 at $1,254 an ounce. The most-traded September copper contract advanced 5.25 cents to settle at $3.6350 per pound.

August crude oil contract advanced 55 cents to $74.16 a barrel. August heating oil contract gained 4.61 cents to $2.0106 a gallon. August gasoline was 1.78 cents higher at $2.1925 a gallon. On the New York Board of Trade, July Arabica coffee futures settled down 0.75 cent at 98.35 cents a pound. Futures on raw sugar in foreign ports for October settled up 0.11 cent at 16.57 cents a pound.

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