Market Updates

Gold Rebounds as Oil Surges

Ivaylo
26 Sep, 2006
New York City

    The energy sector has taken a lot of the inflation fears out of the market as oil was below $60 earlier in the session and took the metals down with it. However, after trading to a 10-month low overnight, November crude oil had surged back to $62 as gold was closing. Some of the strength in the copper, gold and silver is all related to the turnaround in the oil markets.

[R]5:00AM Gold and silver futures bounce back on oil rally.[/R]
December gold advanced 50 cents at $595.90 a troy ounce on the NYME after trading as low as $587.50. December silver gained 1.5 cents at $11.325 after a low of $11.13. October platinum finished down $14.90 to $1,133.20 an ounce, while January fell $13.40 to $1,144.20. December palladium settled $4.45 lower at $317.20 an ounce. December copper rose 0.40 cent at $3.4475 per pound.

The November crude oil contract gained 90 cents higher at $61.45 a barrel after trading in a wide range of $59.52-$62.15. The October gasoline contract added 2.89 cents at $1.5001 a gallon and October heating oil moved up 0.92 cent at $1.6564 a gallon. October natural gas settled down 15.2 cents at $4.485 a million British thermal units. On the New York Board of Trade, December Arabica coffee futures ended up 2.20 cents at $1.0665 a pound. Futures on raw sugar in foreign ports for October sank 0.71 cent at 9.75 cents a pound.

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