Market Updates

Weak Dollar Weighs Gold down

Ivaylo
15 Nov, 2006
New York City

    Gold was also awaiting direction from economic data due later in the week. Gold is set up for a technical breakout on Wednesday in either direction. Technical-based moves are expected for gold and silver on Wednesday, then economic data on Thursday should provide more direction, as the CPI for October and jobless claims will be released, followed by capacity utilization and industrial production for October.

[R]5:00AM Gold and silver futures moved down Tuesday on unstable dollar.[/R]
The December gold contract ended 50 cents lower at $625.30 a troy ounce. December silver finished 0.05 cents higher at $12.89 an ounce. January platinum settled $30.70 lower at $1,173.20 an ounce and December palladium closed $7.25 lower at $319.50 per ounce. Most-active December copper settled up 1.4 cents at $3.0890 per pound.

December crude oil moved 30 cents lower to $58.28 a barrel. December heating oil settled up 0.32 cent to $1.6632 a gallon. December gasoline advanced 0.78 cent to $1.5448 a gallon while December natural gas settled up 8.3 cents at $7.977 a million British thermal units.

On the New York Board of Trade, speculative buying enabled Arabica coffee futures to post a gain. The December contract settled up 0.65 cent at $1.1580 per pound. Futures on raw sugar in foreign ports for March settled unchanged at 11.67 cents a pound.

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