Market Updates

Dollar Weakness Leads Gold, Silver Higher

Ivaylo
28 Nov, 2006
New York City

    The dollar and in turn gold appear be taking a brief pause from their big moves late last week ahead of a speech on Tuesday by Federal Reserve Chairman Ben Bernanke. The possibility of further dollar weakness should continue to support buying of gold. Copper futures closed higher Monday after catching up to gains seen in the London market at the end of last week. Platinum and palladium settled lower.

[R]5:00AM Gold and silver futures advanced on Monday due to weakness in dollar.[/R]
December gold advanced to close at $640.60 a troy ounce on the NYME, up $11.60 from Wednesday, ahead of the long Thanksgiving weekend. December silver settled at $13.49 an ounce, up 45 cents from the close on Wednesday. January platinum slipped $6.60 to $1,147.40 an ounce while December palladium lost $1.00 to end at $325 an ounce. Most-active March copper settled 7.95 cents higher at $3.2155 per pound

The January crude oil contract gained $1.08 to $60.32 a barrel after rallying to $60.44. December unleaded gasoline added 0.47 cents to $1.5937 a gallon. December heating oil settled up 3.87 cents at $1.7052 a gallon and December natural gas moved 28.0 cents higher at $7.998 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 2.45 cents higher at $1.18 a pound, with most-active March up 2.50 cents at $1.2265. March futures for raw sugar in foreign ports put 0.34 cent up to finish at 11.81 cents a pound.

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