Market Updates

Precious Metals Keep Sliding

Ivaylo
18 Sep, 2006
New York City

    Metals weakness emanated overnight from Japan, where there had been some worries about demand because of the relatively high price, and in China. Also, gold and silver finished lower Friday, recording sizable losses for the week as the U.S. dollar rose to a seven-week high against the euro and traders worried that slack demand for jewelry could hurt prices.

[R]5:00AM Precious metal extended their decline on Friday on strong dollar.[/R]
December gold ended down $3 to $583 a troy ounce on the NYME on Friday, while December silver closed down 7.5 cents to $ 10.875. October platinum lost $15.80 to settle at $1,163.70 an ounce. December palladium finished down $12.40 to $314.80.The most active December copper contract shed 6.30 cents to end at $3.3115 per pound.

The front-month October light, sweet crude oil contract finished up 11 cents at $63.33 a barrel. October unleaded gasoline settled up 2.28 cents to $1.5750 a gallon and October heating oil was off 0.87 cent to $1.7023 gallon. October natural gas declined 9.0 cents to close at $4.982 a million British thermal units.

On the New York Board of Trade, December Arabica coffee ended 1.30 cents lower at $1.0210 a pound. October futures on raw sugar in foreign ports settled up 0.28 cent at 12.44 cents a pound.

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