Market Updates

Gold Plunges In Sell-Off

Ivaylo
11 Aug, 2006
Metals

    Gold faced selling as market players moved their money out of commodities and into cash bonds. In addition, gold had difficulty recovering, with weakening oil prices providing additional downward pressure. Silver futures were in line with sell-off of gold as the most-traded September contract settled lower.

[R]5:00AM Gold and silver decline in a sell-off on Thursday.[/R]
December gold ended $16 lower at $646 a troy ounce. Silver lost 46.5 cents to close at $12.105 an ounce. October platinum finished $12.50 lower at $1,250.50 an ounce. September palladium moved $3.95 lower at $322.75 an ounce. September copper settled down 8.55 cents at $3.6245 per pound.

September light, sweet crude oil ended down $2.35 at $74 a barrel, while September gasoline fell 18.33 cents to $1.9889 a gallon. September heating oil shed 8.13 cents to $2.025 a gallon and September natural gas ended down 12.2 cents at $7.529 a million British thermal units. On the New York Board of Trade, September Arabica coffee fell to its lowest price in four sessions, settling down 2.10 cents at $1.0555 a pound. October futures of raw sugar in foreign ports finished down 0.15 cent at 13.89 cents a pound.

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