Market Updates

Gold Falls on Dropping Energy Prices

Ivaylo
29 Aug, 2006
Metals

    There was some corroborative selling in gold as oil came down. Oil prices dropped nearly $2 a barrel Monday as Ernesto was downgraded to a tropical storm and forecast to miss the energy production areas of the Gulf of Mexico. Silver, platinum and palladium also declined. Only copper rose.

[R]5:00AM Gold futures fell Mnday on retreating energy prices.[/R]
December gold shed $6.90 to $623.90 a troy ounce on the NYME. September silver fell 34.5 cents to end at $12.025 an ounce. October platinum dropped $5.30 to close at $1,227.70 an ounce. September palladium fell $4.35 to settle at 341.45 an ounce. Most-active December copper finished up 1.90 cents at $3.4505 per pound.

October crude oil finished down $1.90 a barrel to $70.61 after hitting an intraday low of $70.15. The September gasoline contract ended down 11.20 cents to $1.7831 a gallon. The September heating oil contract slipped 6.39 cents to $1.9659 a gallon. September natural gas settled down 68.5 cents at $6.472 a million British thermal units. On the New York Board of Trade, September Arabica coffee futures shed 3 cents to $1.0320 a pound. Futures on raw sugar in foreign ports for October closed 0.17 cent down at 12.13 cents a pound.

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