Market Updates

Profit-Taking Sends Gold Lower

Ivaylo
09 Nov, 2006
New York City

    Some profit-taking has occurred in all of the precious metals, pushing metals lower. The pullback can be seen as a natural retracement for the next move up. Gold staged a good run coming up to the $630 level. But now the market may be in a period of consolidation for one to one and a half weeks. Crude oil advanced as well as coffee futures and raw sugar.

[R]5:00AM Profit-taking weighs gold futures lower on Wednesday.[/R]
December gold fell $9.40 to $618.30 a troy ounce on the NYME, while December silver gave up 12.5 cents to $12.55. January platinum settled down $25 to $1,167.30 an ounce. December palladium declined $5.90 to $328.40 an ounce. December copper settled down 12.10 cents at $3.2445 per pound.

The December crude oil contract advanced 90 cents to $59.83 a barrel after trading in a range of $58.88 to $60.30 a barrel. December unleaded gasoline settled up 3.95 cents at $1.5636 a gallon. December heating oil gained 3.03 cents to end at $1.7106 a gallon. December natural gas rose 6.8 cents to finish at $7.823 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures settled 2.80 cents higher at $1.1575 a pound, with March up 2.80 cents at $1.1985. Futures on raw sugar in foreign ports for March moved 0.38 cent higher at 11.96 cents a pound, with May up 0.33 cent at 12.07 cents.

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