Market Updates
Gold Lower As Fed Pauses
Ivaylo
09 Aug, 2006
Metals
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Many precious metals were noot expected more than a short-term and possibly subdued reaction from gold once the Fed decision was made public. Factors such as the conflict between Israel and Hezbollah, the developing civil war in Iraq, the absolute intractability of Iran, and the prospects of $4 per gallon gasoline being just around the corner are certainly posing more of a challenge to asset allocators than what may well be the last in a series of interest rate hikes.
[R]5:00AM Gold withdraws slightly as Fed pauses in raising the rates.[/R]
December gold finished down $2.20 at $657.30 an ounce on Tuesday and September silver settled 0.5 cent lower at $12.26 an ounce. October platinum ended $10.90 lower at $1,256 an ounce. September palladium closed $3.80 lower at $323.75 an ounce. September copper ended down 0.85 cent at $3.6020 per pound.
The September crude oil contract settled down 67 cents at $76.31 a barrel after rising to $77.45 earlier. September gasoline finished down 2.53 cents at $2.2263 a gallon. September heating oil settled down 2.71 cents to $2.1164 a gallon. August natural gas moved up 25.1 cents at $7.158 a million British thermal units. On the New York Board of Trade, September Arabica coffee edged down 0.05 cent to close at $1.0710 a pound. October futures for raw sugar in foreign ports shed 0.28 cent to 13.99 cents a pound.
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