Market Updates

Gold Rebounds

Ivaylo
20 Nov, 2006
New York City

    Initially gold sold off as energy prices weakened and the dollar climbed. But then as the dollar pulled back and oil prices pulled up, gold recovered. There is a general sentiment that December gold support area is $615-$618. There is also some feeling that gold could move higher into the end of the year. Platinum and copper rose on Friday too while silver slipped.

[R]5:00AM Gold recovers following energy and currency markets.[/R]
December gold advanced 80 cents to end at $622.50 a troy ounce, after initially trading as low as $614.50. December silver lost 14.5 cents to close at $12.80. January platinum gained $2.80 to finish at $1,192.10 an ounce and December palladium dipped $4.30 to $317.95 an ounce. Most-active December copper settled up 1.65 cents at $3.0575 per pound.

December crude oil lost 45 cents to end at $55.81 a barrel. December heating oil settled down 0.84 cent to $1.6689 a gallon. December gasoline rose 1.15 cent to $1.5411 a gallon. December natural gas gained 42.4 cents to end at $8.179 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 3.40 cents lower at $1.1310 a pound. March futures of raw sugar in foreign ports also moved 0.18 cent lower at 11.35 cents a pound.

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