Market Updates

Gold 5% Higher in Week

Ivaylo
06 Nov, 2006
New York City

    Strong U.S. employment data boosted the dollar, providing earlier pressure on gold which then limited the gains of the precious metal. But platinum made the biggest gains among the precious metals this week, advancing 12% from the closing level last Friday on speculation over the launch of a platinum-based exchange-traded fund. Silver reached a new eight-week high and copper also rose.

[R]5:00 AM Gold futures ended the week 5% up on strong oil, dollar.[/R]
December gold advanced $1.40 to end at $629.20 an ounce, after reaching an eight-week high of $631.30 an ounce. December silver reached a new eight-week high of $12.68 an ounce before settling 1.5 cents lower at $12.635 an ounce. The most active platinum contract, for January delivery, rose $45.20 to settle at $1,209.40 an ounce. In copper trading, the most-active December contract went 3.1 cents higher to close at $3.3225 per pound.

The front-month December light, sweet crude oil contract gained $1.26, or 2.2%, higher at $59.14 a barrel. December heating oil rose 3.78 cents to $1.6775 a gallon, and front-month December unleaded gasoline moved up 5.38 cents to $1.5069 a gallon. Natural gas for December delivery settled 7 cents higher at $7.884 a million British thermal units.

On the New York Board of Trade, Arabica coffee futures climbed in a fund-led surge that was fueled by technical buying. December coffee closed 1.9 cents higher at $1.1245 a pound, while March coffee closed 1.9 cents stronger at $1.1655 a pound. March futures on raw sugar in foreign ports dipped 0.22 cents to finish at 11.31 cents a pound.

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