Market Updates
Strong Dollar, Profit-Taking Lower Gold
Ivaylo
14 Nov, 2006
New York City
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There was little news affecting the precious metals markets but cues were taken from weaker base metal prices in New York and London as well as an increase in the dollar. Gold continues to be influenced by the movements in the dollar, oil and seasonal physical demand as the year-end approaches. Physical demand for gold will increase ahead of the Christmas season, but news that gold jewelry exports of Turkey were curbed by the volatile prices this year dented sentiment.
[R]5:00AM Gold and silver futures declined on firm dollar and profit-taking.[/R]
December gold settled down $4.30 at $625.80 a troy ounce on the NYME. December silver ended 23 cents lower at $12.885 an ounce. January platinum dipped near a weekly low of $1,182 an ounce but later settled at $1,203.90, down $5.70 on the day. December palladium closed $3.95 lower on the day at $326.75 an ounce. At settlement, December copper shed 1.35 cents to finish at $3.075 per pound.
December crude oil settled down $1.01 to $58.58 a barrel. December heating oil lost 3.66 cents to close at $1.6600 a gallon and December gasoline slipped 2.57 cents to to settle at $1.5370 a gallon. December natural gas settled up 10.0 cents at $7.894 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures lost 0.70 cent at $1.1515 per pound, while the March futures fell 0.60 cent to $1.1945. Futures on raw sugar in foreign ports for March ended 0.18 cent lower at 11.67 cents a pound, while May finished down 0.13 cent at 11.81.
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