Market Updates
Precious, Oil Decline
Ivaylo
20 Sep, 2006
New York City
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One can contend that expectations failed that the dollar would weaken on the back of higher interest rates, mixed with talk that inflation has moderated, is weighing on gold prices. Gold typically moves inversely to the dollar, and the metal is regarded as a hedge against inflation. Oil also fell on Tuesday.
[R]5:00AM Precious metals fell across the board on Tuesday despite dollar weakness[/R]
The benchmark December gold ended $9.60 lower at $583.20 a troy ounce at the NYME. December silver closed 34.5 cents lower at $10.945 an ounce. October platinum settled $12 lower at $1,154.90 an ounce while December palladium was off $2.50 at $309.05 an ounce. December copper fell 3.90 cents to settle at $3.3755 per pound.
October crude oil ended down $2.14 at $61.66 a barrel, the lowest level for a front-month contract since March 22. October gasoline dipped 7.58 cents to settle at $1.5038 a gallon, the lowest level since Feb. 27. October heating oil lost 3.41 cents at $1.6916 a gallon. October natural gas finished up 6.4 cents at $5.006 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures closed up 1.15 cents at $1.0310 a pound. Futures on raw sugar in foreign ports for October finished down 0.06 cent at 12.30 cents a pound.
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