Market Updates
Gold Retreats Below $600
Ivaylo
18 Oct, 2006
New York City
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Every time gold reaches the $600 mark, producer selling pressure from Australia and South America moves in. There is a conflict at that level, but at the same time investment and physical demand surface. Gold had risen earlier in the sesson, on growing tensions between North Korea and the U.N., which bolstered dealer and fund appetite for gold and the rest of the metal complex.
[R]5:00 AM Gold prices fell below $600 an ounce on Tuesday on oil slump.[/R]
The most-active December gold declined $5.00 at $593.50 a troy ounce on the NYME. December silver settled 13 cents lower at $11.78 an ounce. January platinum moved $8.30 lower to settle at $1,083 an ounce and December palladium plunged $4.95 to close at $319.60 an ounce. The most-active December copper contract fell 8.50 cents to settle at $3.4960 per pound.
The November crude oil contract settled down $1.01 at $58.93 a barrel while the November heating oil sank 2.27 cents to finish at $1.7338 a gallon. November gasoline settled down 2.84 cents to $1.4633 a gallon. November natural gas lost 0.2 cent to end at $6.442 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures closed 0.55 cent higher at $1.0245 a pound, with March up 0.50 cent at $1.0640. Futures on raw sugar in foreign ports for March settled 87 points higher at 12.58 cents a pound.
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