Market Updates

Gold Falls Sharply on Energy Prices

Ivaylo
15 Sep, 2006
New York City

    The news earlier in the trading was the ongoing weakness in the oil price that has come under pressure again below $64 a barrel. It seems that the new one focus is that natural-gas prices have fallen. They are below $5. It is a significant drop in the natural gas price and that has put gold under some pressure. Palladium was the strongest of the precious metals, with some help from fund buying.

[R]5:00AM Gold and silver fell Thursday on enrgy prices.[/R]
December gold shed $10.30 to settle at $586 a troy ounce on the NYME. December silver plunged 25 cents, to finish at $10.95 an ounce. October platinum fell $6.30 to settle at $1,179.50 an ounce. The December palladium contract settled $8.85 stronger at $327.20 an ounce. December copper dropped 1.05 cents to end at $3.3745 per pound.

The front-month October light, sweet crude oil contract closed 75 cents lower at $63.22 a barrel, its lowest close since March 22. October unleaded gasoline futures finished virtually unchanged at $1.5531 a gallon, while front-month October heating oil declined 0.0318 cent to $1.7110 a gallon. October natural gas contracts lost 55.7 cents, or 10% of their value, to settle at $4.89 per million British thermal units.

December Arabica coffee ended 1 cent lower at $1.0340 a pound, and March fell 1 cent to finish at $1.0730 a pound. Futures on raw sugar in foreign ports declined after producer selling capped an early advance. The October contract closed 0.21 cents lower at 12.16 cents a pound.

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