Market Updates

Gold Closes Higher

Ivaylo
08 Dec, 2006
New York City

    Some commercial interest was seen in the markets at the lower end of the trading ranges in both gold and silver. Investors were slightly short, so the markets succeeded in gaining their feet. Managed-money accounts were covering short positions. While gold and silver gained, platinum lost as well as copper. Arabica coffee futures also rose, while raw sugar settled down.

[R]5:00AM Gold and silver prices finished higher on short-covering and higher oil.[/R]
On the NYME, gold for delivery in February finished $1.10 higher at $637 a troy ounce. March silver advanced 24 cents at $14.035. January platinum shed 80 cents to close at $1,124.90 an ounce while March palladium added 90 cents to end at $331 an ounce. The most-traded March copper dipped 5.8 cents to close at $3.1020 per pound.

January crude oil contract gained 30 cents to close at $62.49 a barrel, although the February contract shed 14 cents to $63.38 a barrel. January heating oil lost 1.52 cents to end at $1.7788 a gallon while January unleaded gasoline edged 0.63 cent higher to finish at $1.6275 a gallon. December natural gas declined 5.6 cents at $7.671 a million British thermal units.

December Arabica coffee futures moved 0.20 cent higher to end at $1.2190 a pound on the New York Board of Trade. March futures of raw sugar in foreign ports dipped 0.27 cent to close at 11.22 cents a pound.

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