Market Updates
Gold, Silver Surge on Fund Buying
Ivaylo
31 Oct, 2006
New York City
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The December gold futures rose above the 50-day moving average, which as of the close stood around $602.20. A lot of it was technical buying in nature. The market put in a better performance despite weaker energy, divorcing itself from that. Copper futures pared steep losses from early Monday when bargain hunting emerged after the metal had initially plunged due to softer energy prices.
[R]5:00AM Gold and silver futures soared Monday on buying from funds.[/R]
December gold surged to end at $613.20, its strongest level since Sept. 11. December silver jumped to finish at $12.295 an ounce, and January platinum climbed $13.50 to $1,093.20 an ounce. December palladium gained $5.75 to $328.75 an ounce. The most active December copper contract settled down 4.65 cents at $3.3585 per pound.
The front-month December crude oil contract on declined $2.39 to close at $58.36 a barrel. November heating oil settled down 9.29 cents to $1.6015 a gallon amid forecasts for warm fall weather. November unleaded gasoline lost 10.44 cents to end at $1.4555 a gallon. November natural gas dropped 41.1 cents to close at $7.416 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures closed unchanged at $1.08 a pound. March futures on raw sugar in foreign ports settled 0.34 cent lower at 11.45 cents a pound.
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