Market Updates

Gold Advances in Narrow Range

Ivaylo
22 Sep, 2006
New York City

    Gold closed higher but was unable to break out of the trading range on Wednesday. It was twisting and turning near its lows for the day and we are seeing support around the $575-$576 level but there is strong resistance near $600. In the short-term, gold will remain restrained on the upside by fund and central bank selling. The silver market seemed to settle in better shape than gold as the December contract did push above Wednesday session high.

[R]5:00AM Gold futures rose but were bound in a narrow trading range.[/R]
December gold futures ended $2.10 higher at $588.30 a troy ounce on the NYME while December silver was up 10.5 cents at $11.245 an ounce. October platinum dipped 50 cents lower at $1,139.50 an ounce while December palladium finished up $2.65 at $309 an ounce. December copper rose 5.55 cents to settle at $3.4315 per pound.

November light sweet crude oil settled down 85 cents at $61.59 a barrel while October
heating oil advanced 3.1 cents to end at $1.6788 a gallon. Gasoline moved up 3.23 cents at $1.4994 a gallon. October natural gas sank 15 cents to close at $4.781 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed up 1.60 cents at $1.0355 a pound and March gained 1.65 cents to $1.0740 a pound. Futures on raw sugar in foreign ports for October contract slipped 0.56 cent to finish at 11.56 cents a pound and March lost 0.54 cent to end at 12.35 a pound.

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