Market Updates
Gold Declines on Profit-Taking
Ivaylo
01 Nov, 2006
New York City
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The precious metals had surged earlier in the day, as a softening dollar and slowing economy usually boost gold, which is regarded as a hedge against inflation. Profit-taking, the countdown to elections, and catch-up with oil prices, which fell more than $2 on Monday, took the wind out of sails of the precious metal.
[R]5:00AM Gold futures dropped Tuesday on profit-taking, oil prices.[/R]
The most-active December gold moved 60 cents lower to end at $606.80 a troy ounce. December silver rose 2 cents to finish at $12.27 an ounce. January platinum settled at $1,086.50 an ounce down $6.70. December palladium declined $6.05 to close at $322.70 an ounce. December copper contract lost 1.30 cents to settle at $3.3455 per pound.
December crude oil advanced 37 cents to end at $58.73 a barrel, after falling below $58 a barrel earlier in the day. November heating oil settled down 1.46 cents to $1.5869 a gallon. November gasoline added 0.91 cent to end at $14646 a gallon. December natural gas settled up 11.8 cents at $7.534 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures closed 0.25 cent higher at $1.0825 a pound. March futures on raw sugar in foreign ports egded 0.10 cent higher to finish at 11.55 cents a pound.
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