Market Updates

Gold Higher, Off Highs

Ivaylo
10 Oct, 2006
New York City

    Despite the seasonal factor, despite oil now over $60, and despite North Korean nuclear test, gold appears to have a negative mindset. It fell into this predicament due to the ease with which it collapsed during what should have been a time of strength last week. Gold rallied early in the session, in synchrony with crude futures after OPEC officials said there is now agreement that cartel members should reduce production by 1 million barrels a day.

[R]5:30AM Gold futures advanced but fail to hit record highs despite support.[/R]
Gold for December delivery finished up $5.70 at $582.50 an ounce on the NYME, after touching a high of $585.20. Silver futures closed up 24.5 cents at $11.42 an ounce, while platinum added $15 to $1,095.80 an ounce and palladium was up $3 at $303.25 an ounce. Copper added 2.45 cents to $3.413 a pound.

Crude oil for November delivery closed up 20 cents at $59.96 a barrel, well below the day''s high of $61.30. November unleaded gasoline futures down 0.9 cents at $1.4949 a gallon and November heating oil up 3.57 cents at $1.7297 a gallon. November natural gas rose 0.2 cent to $6.429 per million British thermal units.

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