Market Updates

Gold, Silver Rebound

Ivaylo
05 Dec, 2006
New York City

    Gold and silver prices bounced a bit higher Monday, recovering from a fall earlier in the day as traders resumed their expectations that the dollar will slide further. The market got itself a little bit long at the end of last week, expecting a continuation of the rally on the back of U.S. dollar weakness. But the U.S. dollar stabilized a bit Monday morning. Crude oil bounced off its low, aiding the recovery of the metals.

[R]5:00AM Gold and silver futures rebounded a bit on Monday on weaker dollar.[/R]
February gold advanced 30 cents to close at $650.90 a troy ounce on the NYME. March silver rose 5.5 cents to $14.245 an ounce, after dropping as low as $14.13.January platinum gained $5.50 to $1,160 an ounce while March palladium added $3.70 to $336.45 an ounce. March copper settled up 0.40 cent at $3.1760 per pound.

January crude oil lost 99 cents to end at $62.44 a barrel, but well up from a low earlier in the day of $61.90. January heating oil settled down 3.88 cents at $1.8089 a gallon. January unleaded gasoline shed 1.81 cents to finish at $1.6674 a gallon. December natural gas settled down 61.6 cents at $7.806 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 3 cents lower at $1.2020 a pound. March futures of raw sugar in foreign ports slipped 0.50 cent to close at 11.76 cents a pound.

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