Market Updates

Gold, Silver Edge Lower

Ivaylo
13 Dec, 2006
New York City

    The precious metals trading finished before the decision on interest rates so traders refrained from giving direction to the markets in either direction in front of the Fed meeting on Tuesday afternoon. Some weakness in gold was witnessed when the dollar started to edge up after a surprise reduction of the U.S. trade deficit. The gap stood at $58.87 billion in October, compared with $64.26 billion in September.

[R]5:00AM Gold and silver futures slipped as market awaited FOMC decision.[/R]
February gold declined $3.10 to end at $631.70 a troy ounce on the New York Mercantile Exchange and March silver shed 4.5 cents to $13.98 an ounce. In later trading, the metal rebounded by 2 cents. January platinum settled up $5.80 to $1,115 an ounce while its sister metal palladium lost $2.85 to close at $330.90 an ounce. March copper contract dipped 3.90 cents to settle at $3.0945 per pound.

January crude oil slid 20 cents to finish at $61.02 a barrel and January heating oil declined 0.19 cent to $1.7224 a gallon. January unleaded gasoline lost 0.38 cent to end at $1.5950 a gallon. January natural gas advanced 0.3 cent to close at $7.430 a million British thermal units.

On the New York Board of Trade, March Arabica coffee futures finished 0.90 cent lower at $1.2775 a pound. Futures on raw sugar in foreign ports for March moved 0.05 cent lower at 11.37 cents a pound.

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