Market Updates
Gold Keeps Losing Streak
Ivaylo
07 Dec, 2006
New York City
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More profit-taking sent gold and silver prices further down on Wednesday, in a situation that can be described as a correction rather than a reversal of the uptrend that had been in place. More profit-taking was witnessed in gold. It was inspired by a bounce in the dollar, which had given the market another excuse to take profits from what had been a long-running rally.
[R]5:00AM Gold and silver extend declines Wednesday due to profit-taking.[/R]
February gold lost $12 to $635.90 a troy ounce on the NYME. March silver fell 23 cents to $13.795. January platinum shed $8 to to end at $1,125.70 an ounce. March palladium lost $6.30 to $330.10. Most-active March copper settled down 8.7 cents at $3.16 per pound.
January crude oil dipped 24 cents to close at $62.19 a barrel after trading in a range of $61.84-$63.01 a barrel during the session. January unleaded gasoline settled down 1.52 cents to $1.6212 a gallon. January heating oil lost 0.43 cent to finish at $1.7940 a gallon. December natural gas advanced 4.2 cents to end at $7.727 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures declined 1.70 cents to end at $1.2170 a pound. March futures on raw sugar in foreign ports settled 0.27 cent lower at 11.49 cents a pound.
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