Market Updates
Gold Surges on Rising Oil
Ivaylo
10 Nov, 2001
New York City
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The rally was helped by a sagging U.S. dollar, climbing crude oil prices, as well as speculative and chart-based buying. December gold rose above the peak of $632.20 an ounce on Monday and eventually hit a high of $637 an ounce Thursday, while December silver took out the peak of $12.80 on Monday and traded as high as $13.09. In energy trading, crude futures advanced to a two-week settlement high after European inventories fell going into the Northern Hemisphere winter.
[R]5:30AM Gold and silver rallied on Thursday on climbing oil, lower dollar.[/R]
December gold gained $18.50 to end at $636.80 a troy ounce on the NYME. December silver added 50 cents to finish at $13.05 an ounce. Meanwhile, January platinum rose $33.70 to close at $1,201 an ounce, and December palladium climbed $10.50 to finish at $338.90 an ounce. December copper futures finished 6.45 cents higher at $3.3090 per pound.
The front-month December crude oil contract rose $1.33, or 2.2%, to finish at $61.16 a barrel. Front-month December unleaded gasoline rose 3.74 cents to finish at $1.6010 a gallon. Natural gas futures for December delivery settled 13.2 cents higher at $7.95 a million British thermal units.
At the New York Board of Trade, futures on raw sugar in foreign ports hurried to three-week highs with help from fund buying and short covering. Arabica coffee futures were also boosted by fund buying and short covering. December coffee futures closed 3.45 cents higher at $1.1920 a pound, and the March coffee contracts closed 3.45 cents higher at $1.2330 a pound.
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