Market Updates

Gold Falls on Technical Trading

Ivaylo
23 Aug, 2006
Metals

    A technical kind of trading and a firmer dollar pulled gold lower on Tuesday. Profit-taking weighed down on high-grade copper futures, although the market was able to rebound from its weakest levels as a strike continues against Escondida mine. Silver was also down, as well as platinum and palladium.

[R]5:00AM Gold futures fell Tuesday on stronger dollar and technical trading.[/R]
December gold ended $1.20 lower at $634 a troy ounce, as the contract got as low as $629.60 during the session. The most-active September silver contract finished at $12.265 an ounce, down 8 cents on the day. October platinum was off $4.30 at $1,237.80 an ounce while September palladium lost $4.20 at $341 an ounce. The September copper contract shed 2.65 cents to settle at $3.4930 per pound. December moved back 1.15 cents to $3.4780.

The front-month September light, sweet crude-oil contract, which expires Tuesday, finished 18 cents higher at $72.63 a barrel. October futures, which will become the front-month contract, sank 20 cents to $73.10. September gasoline rose 0.27 cent to $1.9393 a gallon. September heating oil was up 0.39 cent to $2.0366 a gallon, while September natural gas ended up 38.4 cents at $7.008 a million British thermal units. On the New York Board of Trade, September Arabica coffee futures settled up 1.20 cents at $1.0820 a pound while December gained 1.65 cents to $1.1260. Futures on raw sugar in foreign ports for October moved 0.08 cent lower to 12.06 cents a pound.

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