Market Updates
Oil Leads Gold, Silver Higher
Ivaylo
26 Oct, 2001
New York City
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Gold and silver retreated in early trading. But once strong oil inventory numbers came out, they really put a floor under the gold price and sparked this rally. Gold rally is encouraging but the metal for now still remains very closely connected to oil, and as such is still vulnerable to liquidation. Historically, there has been a link between gold and oil since higher oil prices tend to offer a hint of inflation, and market participants buy gold as an inflation hedge.
[R]5:00AM Gold and silver futures climbed Wednesday, buoyed by oil price surge.[/R]
December gold jumped $3.20 to setlle at $590.80 a troy ounce on the NYME, while December silver added 4 cents to $11.89. January platinum was higher even before oil and gold surged and went on to finish with a gain of $5.90 to $1,069 an ounce. December palladium, was initially softer but then recovered with crude, finishing with a 10-cent gain to $323.10. December copper lost 1.35 cents to end at $3.4045 per pound.
December crude oil gained $2.05 to close at $61.40 a barrel. November heating oil advanced 4.38 cents to finish at $1.7390 a gallon. November unleaded gasoline settled up 5.43 cents at $1.5923 a gallon. November natural gas rose 60.2 cents to end at $7.693 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures settled 0.30 cent lower at $1.0685 a pound. Futures on raw sugar in foreign ports for March gained 0.21 cent to settle at 11.90 cents a pound.
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