Market Updates

Gold Higher Ahead of Fed Decision

Ivaylo
21 Sep, 2006
New York City

    The U.S. Federal Reserve later held interest rates steady a second straight time. The FOMC voted 10-1 to keep the federal funds rate at 5.25%. Some of the negative sentiment on the metals in overnight trade was countered by a little bit of physical dealing. Gold and silver had retreated in overnight screen trading. Copper advanced slightly.

[R]5:00AM Gold an silver finish higher on Wednesday on Fed decision.[/R]
December gold gained $3 to settle at $586.20 a troy ounce on the NYME, while December silver added 19.5 cents to $11.14 an ounce. October platinum futures sank $14.90 to $1,140 an ounce while December palladium lost $2.70 to $306.35 an ounce. The December copper contract advanced 0.05 cent at $3.3760 per pound.

October light sweet crude oil declined $1.20 at $60.46 per barrel. Gasoline for October delivery fell 3.67 cents to $1.4671 per gallon. October-delivery heating-oil futures shed 4.38 cents a gallon to $1.6478, the lowest level since Feb. 16. October natural gas lost 7.5 cents at $4.931 a million British thermal units. On the New York Board of Trade, December Arabica coffee futures were off 1.15 cents at $1.0195 a pound. Futures on raw sugar in foreign ports for October dropped 0.18 cent at 12.12 cents a pound.

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