Market Updates

Gold Settles Lower

Ivaylo
23 Oct, 2006
New York City

    The market did not hold at $600 on Friday and that reinforced the overdone view. It advanced on not much, and declined on not much, and that, combined with weak oil prices, left gold at the lower end of a recent rang. Once the $590 level was broken then it would head right to $580. It was a sell-the-rally environment. The market looks like it has headed downward, now that strong demand in September and part of October out of India and the Middle East has sagged.

[R]5:00 AM Gold prices declined due to falling demand and dropping oil prices.[/R]
December gold dropped $6.10 to end at $596.40 a troy ounce at the NYME. December silver fell 19.5 cents to close at $11.965 an ounce. October platinum ended the session $12.70 lower at $1,082.10 an ounce while December palladium shed $6.90 to finish at $330.50 an ounce. The most-active December copper contract fell 4.75 cents to settle at $3.4620 per pound.

November light, sweet crude oil settled down $1.68 at $56.82 a barrel after earlier falling to $56.55, the least for the front-month contract since Nov. 30. November heating oil lost 4.01 cents to end at $1.6800 a gallon. November unleaded gasoline settled down 2.22 cents at $1.4672 a gallon. November natural gas settled up 10.9 cents at $7.241 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 20 points higher at $1.0205 a pound. March futures on raw sugar in foreign ports closed up 0.12 cent at 11.71 cents a pound.

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