Market Updates

Profit-Taking Pushes Gold Lower

Ivaylo
08 Sep, 2006
Metals

    The fear of interest rate hikes down the road combined with gold inability to follow through from Tuesday gains played a vital role in the session downturn. Gold declined hitting its weakest level in more than a week. Profit-taking made copper futures Thursday give up some of their gains from the last two days. Silver, platinum and palladium also slipped.

[R]5:00AM The precious metals declined due to profit-taking.[/R]
The most-active December gold closed down $16.90 at $624.90 a troy ounce on the NYME. The December silver contract slipped to a low of $12.51 an ounce. October platinum finished down $18.10 at $1,256.90 an ounce and December palladium ended $4.05 lower at $355.50 an ounce. The top-traded December copper contract sank 3.15 cents to close at $3.6480 per pound.

October crude oil lost 18 cents to end at $67.32 a barrel, the lowest close for the most active contract since April 7. October heating oil dipped 2.34 cents at $1.8876 a gallon. October unleaded gasoline rose 0.17 cent to $1.6417 a gallona and October natural gas plunged 27.6 cents at $5.718 a million British thermal units. On the New York Board of Trade, September Arabica coffee futures finished down 2.75 cents at $1.0350 a pound and December lost 2.75 cents to $1.076 per pound. Futures on raw sugar in foreign ports for October decreased 0.02 cent at 11.62 cents a pound.

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