Market Updates

Gold Falls Pressured by Rising Dollar

Ivaylo
25 Aug, 2006
Metals

    The conditions for gold seem to project sloppy to sideways and perhaps even lower pricing ahead. However, the December gold contract appears to have pretty solid support above the $625 level. Soft U.S. housing and durable-goods data sent high-grade copper futures lower as well. Silver also declined.

[R]5:30AM Gold futures fell Thursday due to stronger dollar.[/R]
December gold closed down $4.50 at $628.50 a troy ounce and September silver lost 20.5 cents to end at $12.31 an ounce. October platinum settled up $1.20 at $1,237.70 an ounce, while September palladium settled $2.40 lower at $344.45 an ounce. The September copper contract shed 3.65 cents to finish at $3.4285 per pound.

The front-month October light, sweet crude-oil contract finished up 60 cents at $72.36 a barrel. September gasoline rose 0.21 cent to $1.8615 a gallon and September heating oil gained 2.68 cents to $2.0294 a gallon. September natural gas moved up 20.4 cents at $7.079 a million British thermal units. On the New York Board of Trade, September Arabica coffee closed down 0.30 cent at $1.0705 a pound while December lost 0.20 cent to $1.1115. Futures on raw sugar in foreign ports for October closed down 0.11 cent at 12.30 cents a pound.

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