Market Updates
Gold Advances Ahead of Fed Meeting
Ivaylo
08 Aug, 2006
Metals
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If the Fed pauses in its rate-raising program on Tuesday, that would cause gold prices to advance in the short-term. Hiking interest rates curbs inflation, and gold is regarded as a hedge against inflation. Silver and copper fell, while platinum and palladium and crude oil futures settled higher on the day.
[R]5:00AM Gold futures rose, traders await FOMC decision on interest rates.[/R]
December gold finished up $3.50 at $659.50 a troy ounce on the NYME. During the session the contract rose to $663.50 an ounce. The benchmark September silver contract ended 22 cents lower at $12.265 an ounce. The most-traded October platinum closed $10.90 higher at $1,266.90 an ounce. September palladium settled up 5 cents at $327.55 an ounce. The most-traded September copper was down 2.20 cents at $3.6105 per pound.
September crude oil ended up $2.22 to $76.98 a barrel after advancing to $77.30. September heating oil settled up 5.39 cents at $2.1435 a gallon. September gasoline rose 2.01 cents to $2.2516 a gallon and September natural gas finished down 33.9 cents at $6.907 a million British thermal units. On the New York Board of Trade, September Arabica coffee settled 1.70 cents higher at $1.0715. October futures for raw sugar in foreign ports ended 0.14 cent lower at 14.27 cents a pound.
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