Market Updates

Gold Climbs On Oil Price Surge

Ivaylo
14 Jul, 2001
New York City

    During the session gold reached $656.50 an ounce but faced light profit-taking as the dollar made gains against the euro. Most of its support on the upside started from safe-haven interest due to geopolitical issues involving Iran and North Korea. The rally in crude-oil prices added to the upside in gold. Silver and platinum lost ground, however.

[R]5:00AM Gold surges on the back of oil prices jump.[/R]
August gold futures ended $3.20 higher at $654.40 a troy ounce on the NYME. September silver closed 7 cents lower at $11.485 an ounce after hitting an $11.68 session high. October platinum shed $3.60 to finish at $1,264 an ounce, while September palladium finished $4.10 lower at $334.05 an ounce. The most-traded September copper contract gained 1.15 cents to end at $3.6765 per pound.

Oil prices advanced further into uncharted territory, hitting a new record of more than $76 a barrel on concern over the broadening Israel-Lebanon conflict. The August crude contract surged to a record intraday high of $76.85 before ending $1.75 stronger at $76.70 a barrel. The August gasoline contract advanced 4.41 cents to close at $2.3000 a gallon. On the New York Board of Trade, July Arabica coffee futures climbed 0.80 cent to finish at 99.35 cents a pound, and September coffee gained 0.75 cent to end at $1.0070 a pound. Among futures on raw sugar in foreign ports, October finished 0.15 cent higher at 16.42 cents a pound, and March gained 0.13 cent to finish at 16.81 cents a pound.

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