Market Updates

Gold Flat, Oil Awaits OPEC

Ivaylo
19 Oct, 2006
New York City

    Trading also remained range-bound as gold and silver futures faced some resistance at around $600 an ounce and $12 an ounce, respectively. Gold has struggled to get through the $600 area, where it stalled Tuesday. There has been some talk of physical demand from Southeast Asia, but not much has come from dealers or banks. The metals were range-bound as traders await an OPEC meeting Thursday, which could decide whether oil producers will officially reduce their target output.

[R]5:00AM Gold and silver were little changed as traders awaited OPEC decision.[/R]
December gold declined 90 cents at $592.60 a troy ounce on the NYME, while December silver added 4 cents to $11.82. December palladium recorded the biggest gain of the precious metals on a relative basis, advancing $12.90 at $332.50 an ounce. The contract peaked at $337.40, its strongest level since Sept. 11. January platinum gained $10.10 to end at $1,093.10 an ounce. The most-active December copper contract was unchanged at $3.4960 per pound.

November light, sweet crude oil slipped $1.28 to close at $57.65 a barrel. November heating oil settled down 3.79 cents at $1.6959 a gallon. November unleaded gasoline fell 0.7 cent to $1.4703 a gallon. November natural gas rose 36.5 cents to end at $6.807 a million British thermal units.

On the New York Board of Trade, December Arabica coffee closed 0.20 cent lower at $1.0225 a pound, with March down 0.15 cent at $1.0625. Futures on raw sugar in foreign ports for March sank 0.99 cent to finish at 11.59 cents a pound

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