Market Updates

Gold Climbs to Highest Level

Ivaylo
16 Oct, 2006
New York City

    There is some new money coming into the market from funds that have been sitting on the sidelines in Europe. Also, there has been a tremendous amount of buying coming out of India and Dubai. There is a resumption of some investment-fund interest in the market, which with higher energy prices, resorted to more commodity fund buying. It is probably a technical breakout.

[R]5:00 AM Gold and silver futures hit highest level in more than a week.[/R]
December gold went $12.40 higher to close at $592.70 a troy ounce on the NYME, while December silver climbed 30 cents to $11.68. January platinum rose $8.70 to $1,083.30 an ounce and December palladium advanced $8.05 to $315.95. The most-active December copper contract settled 2.7 cents higher at $3.4135 per pound.

November crude oil moved higher 71 cents to finish at $58.57 a barrel. November heating oil settled up 3.01 cents at $1.7178 a gallon. November gasoline rose 1.75 cents to end at $1.4684 a gallon. October natural gas settled down 12.3 cents at $5.659 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed up 0.75 cent at $1.0405 a pound. March futures on raw sugar in foreign ports settled unchanged at 11.13 cents a pound, with May futures up 0.2 cent at 11.32 cents.

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