Market Updates

Funds Weigh on Gold Strength

Ivaylo
05 Oct, 2006
New York City

    The futures had a softer tone early in the day, due to long liquidation, even when crude oil was trying to avoid more losses. Crude resumed its retreat, and sell stops were hit in gold as it broke that support level. Gold then remained under pressure for the rest of the day, even though November crude oil eventually turned positive.

[R]5:00AM Gold retreats Wednesday on speculative selling.[/R]
December gold fell $14.80 to settle at $566.70 a troy ounce on the NYME. December silver sank 25 cents at $10.795 an ounce. October platinum closed at $1,082.40 an ounce, down $47.50. December palladium finished at $296.65 an ounce, down $9.80. December copper lost 7.70 cents to close at $3.2055 per pound.

The November crude oil contract ended 73 cents higher at $59.41 a barrel after falling as low as $57.70 a barrel, the lowest level for a front-month contract since Feb. 16. November gasoline moved up 4.11 cents to $1.4978 a gallon. November heating oil rose 2.31 cents to stop at $1.6770 a gallon. October natural gas settled up 23.6 cents at $5.995 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed up 0.20 cent at $1.0445 a pound and March gained 0.25 cent at $1.0835. Futures on raw sugar in foreign ports for March advanced 0.27 cent at 11.16 cents a pound.

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