Market Updates
Gold Inches Higher
Ivaylo
30 Oct, 2006
New York City
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The economy advanced in the latest quarter at an annual rate of 1.6%, the Commerce Department announced Friday, its slowest rate in more than three years. That news drive down the value of the dollar, which would normally make gold prices rise, as gold is denominated in the U.S. currency and considered a hedge against inflation. Instead, gold inched up marginally.
[R]5:00AM Gold futures rose slightly Friday on dollar weakness.[/R]
The most-active December gold moved higher $1.20 to close at $601 a troy ounce on the NYME, staying below last week high of $606. The most-active December silver settled 16 cents lower at $12.08 an ounce. January platinum declined $3.60 to end at $1,079.70 an ounce. December palladium slipped $3.50 to finish at $323 an ounce and the most-active December copper was up 0.50 cent to close at $3.4050 per pound.
December light sweet crude oil settled up 39 cents at $60.75 a barrel. November heating oil lost 0.56 cents to close at $1.6944 a gallon and november gasoline fell 0.38 cents to end at $1.5599 a gallon. November natural gas settled down 34.4 cents at $7.153 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures ended up 0.40 cent at $1.08 a pound. March futures for raw sugar in foreign ports lost 0.03 cent to finish at 11.79 cents a pound.
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