Market Updates
Gold Falls on Stronger Dollar
Ivaylo
15 Dec, 2006
New York City
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The earlier strength in gold futures overlapped with a 1.9% reduction in production agreed upon by OPEC. Gold prices were aided by worries about increasing energy prices Thursday. Oil rallied to a two-week closing high after the OPEC announced it would reduce production by 500,000 barrels per day, starting on Feb. 1, 2007 aiming at balancing supply and demand. The same strategy is not applicable to the gold, as it immediate price prospects continue to depend on the dollar.
[R]5:00AM Gold futures dropped on Thursday due to the rising US currency.[/R]
Gold for February delivery ended down $1.50 at $630.90 an ounce on the New York Mercantile Exchange. March silver futures advanced 3.5 cents to finish at $13.95 an ounce, while January platinum added $4.90 to close at $1,112.70 an ounce and March palladium added $1.35 to $331.05 an ounce. March copper futures moved 2.45 cents higher to close at $3.0575 a pound after closing Wednesday at its lowest level since late June.
The front-month January oil contract for U.S. light crude gained $1.14, or 1.86%, to $62.51 a barrel. In London, the expiring Brent crude contract for January delivery advanced 79 cents to $62.12 a barrel. At the retail level, the average price for a gallon of regular unleaded advanced to $2.291 Thursday, from $2.289 on Wednesday.
Wheat for March delivery rose 3 cents to $4.91 1/2 a bushel. March corn gained 3 1/2 cents to $3.71 3/4 a bushel while March oats moved 3/4 cent to $2.64 a bushel. January soybeans advanced 1 3/4 cent to $6.62 3/4 a bushel.
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