Market Updates

Gold Higher on North Korea Scare

Ivaylo
09 Oct, 2006
New York City

    Gold had dipped in early trading after the release of a report on U.S. non-farm payrolls. The recovery of gold came about on concerns about North Korea possibly detonating a nuclear device as soon as this weekend. Short covering, as well as possible North Korean nuclear tests helped the market recover from early weakness. Trading, though, was thin, with big orders hitting the floor.

[R]5:00AM Gold futures rose on North Korea nuclear plans and short covering.[/R]
December gold gained $1.30 to settle at $576.80 a troy ounce on NYME. December silver advanced 10.5 cents to settle at $11.175 an ounce. January platinum dropped $5.40 to close at $1,080.80 an ounce, while December palladium shed 90 cents to finish at $300.25 an ounce. December copper moved up 8.85 cents with help from technical buying to end at $3.3885 per pound.

The November crude oil contract fell 27 cents to finish at $59.76 a barrel. November unleaded gasoline was off 1.23 cents to close at $1.5042 a gallon, but November heating oil gained 0.20 cents to finish at $1.6940 a gallon. November natural gas futures settled 12.9 cents higher at $6.427 per million British thermal units, helped by cold weather forecasts and technical buying.

On the New York Board of Trade, Arabica coffee futures ended lower after an early flurry of speculative sales, with the December contracts closing 0.60 cents weaker at $1.0390 a pound. March futures on raw sugar in foreign ports settled 0.07 cents lower at 11.07 cents a pound, while the May contracts lost 0.03 cents to finish at 11.32 cents a pound.

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