Market Updates

Gold, Silver Advance

Ivaylo
20 Oct, 2006
New York City

    Traders commented that a buy signal appeared at the $599.10 an ounce level while at the same time, crude oil rose after comments from the oil minister of Saudi Arabia hinting that OPEC could make further reductions to stop the recent decline in the oil market. The Saudi comments boosted oil prices which in turn pushed gold higher. All the other precious metals rallied as well.

[R]5:00AM Gold and silver prices rallied on Thursday, boosted by the oil increase.[/R]
The most-active December gold gained $9.90 to end at $602.50 a troy ounce at the NYME. The most-active December silver contract held onto gains and settled 34 cents higher at $12.16 an ounce. January platinum gained $1.70 to finish at $1,094.80 an ounce, while December palladium edged up $4.90 to close at $337.40 an ounce. The most-active December copper contract rose 1.35 cent to end at $3.5095 per pound.

November light, sweet crude oil settled up 85 cents at $58.50 a barrel. November heating oil advanced 2.42 cents to stop at $1.7201 a gallon. November unleaded gasoline moved up 1.91 cents to close at $1.4894 a gallon. November natural gas settled up 32.5 cents at $7.132 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 0.40 cent lower at $1.0185 a pound, with March down 0.40 cent at $1.0585. Futures on raw sugar in foreign ports for March finished unchanged at 11.59 cents a pound, with May steady at 11.74

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