Market Updates
Higher Dollar Presses Gold Lower
Ivaylo
24 Oct, 2006
New York City
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The inability of gold to stay above $600 an ounce late last week, together with a stronger U.S. dollar and weaker crude oil weighed heavily on gold on Monday. Liquidation emerged early in the day, when sell stops were hit. Other precious metals were also under fire and declined. Copper fell in harmony with the rest of the metals complex and witnessed a heavy selling after a weak close on Friday.
[R]5:00AM Gold futures plunged due to stronger dollar and weaker oil.[/R]
December gold lost $13.50 to settle at $582.90 a troy ounce on the NYME. December silver sank 29.5 cents to end at $11.67 an ounce. January platinum fell $7.70 to $1,074.40 an ounce and December palladium fell $9.15 to $321.35 an ounce. The most-active December copper settled down 1.10 cent at $3.4510 a pound.
Light, sweet crude oil for December delivery dipped 52 cents to finish at $58.81 a barrel, near the middle of its trading range. November heating oil settled down 1.1 cent at $1.6690 a gallon. November unleaded gasoline slipped 0.43 cent to close at $1.4715 a gallon. November natural gas settled down 36.0 cents at $6.881 per million British thermal units.
On the New York Board of Trade, December Arabica coffee futures closed 4.80 cents higher at $1.0685 a pound, with March up 4.70 cents at $1.1070. Futures on raw sugar in foreign ports for March advanced 0.09 cent to settle at 11.80 cents a pound.
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