Market Updates

Gold and Silver Retreat

Ivaylo
06 Dec, 2006
New York City

    Gold and silver prices edged lower Tuesday, as a slightly stronger dollar and slipping oil prices encouraged metals traders to pause and take profits. Data-related dollar gains and modest profit-taking in the energy sector have triggered a bout of liquidation across the precious complex today, although dips in all metals have found good support. The approaching end of the quarter and year is another influence.

[R]5:30AM Gold and silver prices fell Tuesday on stronger dollar, weaker oil.[/R]
February gold slipped $3 to settle at $647.90 a troy ounce on the NYME. March silver lost 22 cents to end at $14.025. January platinum settled down $26.30 at $1,133.70 an ounce. March palladium shed 5 cents to finish at $336.40. The most active March copper contract settled up 7.10 cents at $3.2470 per pound.

January crude oil slid 1 cent to end at $62.43 a barrel. January heating oil declined 1.06 cents to $1.7983 a gallon. January unleaded gasoline settled down 3.10 cents to $1.6364 a gallon. December natural gas fell 12.1 cents to close at $7.685 a million British thermal units.

On the New York Board of Trade, Arabica coffee futures raced to 10-month highs after industry-buying curbed a morning dip. December closed 3.20 cents higher at $1.2340 a pound. March futures of raw sugar in foreign ports remained unchanged at 11.76 cents a pound.

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