Market Updates

Gold, Silver Advance on Weaker Dollar

Ivaylo
27 Oct, 2001
New York City

    The weaker dollar was blamed on the fallout from the late-Wednesday statement from the FOMC, which was seen as dovish on interest rates, combined with expectations for more monetary tightening from the European Central Bank. Gold and silver got off to a pretty decent start this morning on follow-through from the afternoon gains yesterday after the Fed basically sat on their hands.

[R]5:00AM Gold and silver prices advance Thursday, as the dollar weakened.[/R]
December gold advanced $9 to close at $599.80 a troy ounce on the NYME, while December silver added 35 cents to $12.24 an ounce. December palladium was more restrained for most of the day before ending up $3.40 to $326.50. Most-active December copper finished down 0.45 cent at $3.40 per pound.

December light, sweet crude oil lost $1.04 to close at $60.36 a barrel. November heating oil declined 3.90 cents to end at $1.7000 a gallon. November unleaded gasoline settled down 2.86 cents to $1.5637 a gallon. November natural gas slipped 19.6 cents to finish at $7.497 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 0.75 cent higher at $1.0760 a pound, with March up 0.70 cent at $1.1155. March futures for raw sugar in foreign ports dipped 0.08 cent to finish at 11.82 cents a pound.

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