Market Updates

Gold Extends Losing Streak

Ivaylo
19 Dec, 2006
New York City

    Silver registered its weakest finishing level in seven weeks. The market is still at most risk to extend long liquidation as the dollar sentiment improved and fund players positioned long ahead of year-end, and the market set to weaken over the next two weeks over the Christmas/New Year holiday period. Gold seems to be incredibly oversold on the fascination of market with exchanging paper assets.

[R]5:00AM Gold and silver further their losses for a third session in a row.[/R]
Gold for February delivery finished down $1.20 at $617.90 an ounce on the New York Mercantile Exchange. March silver declined 45.5 cents, or 3.5%, to end at $12.525 an ounce, while March copper prices were among the few gainers in metals trading with the contract ending at $3.0295 a pound, up 1.3 cents. March palladium advanced 70 cents to close at $324.95 an ounce but January platinum dropped $2.40 to end at $1,102.10 an ounce.

Oil ands gas stocks fell sharply Monday across the board, pushed down by plunging oil and natural gas prices. Crude oil for January delivery ended down $1.22 at $62.21 a barrel on the New York Mercantile Exchange. January natural gas fell 33.4 cents, or 4.5%, to finish at $7.075 per million British thermal units after retreating to $7.04, the weakest levels of the contract since mid-February of 2005. January unleaded gasoline futures ended down 2.41 cents at $1.6622 a gallon and January heating oil shed 6.1 cents, or 3.4%, to close at $1.7207 a gallon.

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