Market Updates

Gold Finished Lower on Profit -Taking

Ivaylo
30 Nov, 2006
New York City

    The dollar probed higher as gold was about to close Wednesday. Just before the close of gold, the euro hit a low for the day after reaching a high earlier. Thus, gold went from being 50 cents lower to roughly $2 lower just ahead of the final bell. The very late move in the dollar prompted a little bit of selling. Silver was the the most impacted on the market because silver had put in a pretty good session all day.

[R]5:00AM Gold and silver prices fell Wednesday due to profit-taking.[/R]
February gold declined $1.90 to $641.80 a troy ounce on the NYME. March silver lost 5.2 cents to end at $13.76 an ounce. January platinum advanced $1.80 to finish at $1,152.40 an ounce while March palladium fell $1.15 to $327.50 an ounce. Most active March copper shed 1.50 cents to close at $3.1550 per pound.

The January crude oil contract rallied $1.58 as high as $62.57 a barrel, a two-week high.. The contract advaanced $1.47 to end at $62.46 a barrel. December heating oil settled up 6.70 cents at $1.7953 a gallon. December unleaded gasoline advanced 4.40 cents to close at $1.6706 a gallon. December natural gas added 31.2 cents to finish at $8.871 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 1.80 cents lower at $1.1855 a pound, with most-active March down 1.65 cents at $1.2330. Futures on raw sugar in foreign ports for March settled up 0.37 cent at 12.36 cents a pound, with May up 0.26 cent at 12.27 cents.

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