Market Updates
Gold Down on Dollar Firmness
Ivaylo
11 Dec, 2006
New York City
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Gold and silver futures fell on Friday, tracking the ups and downs of the movements of the dollar. The recovery of the dollar on Friday was due to a Labor Department favorable report on payrolls. The strength in the US economy raises the hopes tha The Federal Reserve will at least keep the interest rates stable, which in turn will keep the dollar solid, lowering the prices of the precious metal, typically viewed as a hedge against a weaker US currency.
[R]5:00AM Gold and silver stocks dropped on Friday on stronger dollar.[/R]
February gold lost $6 a troy ounce to end at $631 on the New York Mercantile Exchange. March silver dropped 14 cents to finish at $13.895 and January platinum dipped $17.10 to $1,107.80 an ounce. March palladium advanced $2.95 to $333.95 an ounce. The top-traded March copper contract advanced 1-cent to end at $3.1120 per pound.
The January crude oil declined 46 cents to $62.03 a barrel after reaching $63.65 but failing to rise above $64. January heating oil lost 2.15 cents to end at $1.7573 a gallon after advancing to $1.8190 a gallon. January unleaded gasoline slipped 0.62 cent to $1.6213 a gallon while January natural gas moved 11.0 cents lower to finish at $7.561 a million British thermal units.
On the New York Board of Trade, December Arabica coffee futures closed 0.05 cent down at $1.2185 a pound. March futures of raw sugar in foreign ports gained 0.15 cent to close at 11.37 cents a pound.
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