Market Updates

Gold, Silver Futures Plunge

Ivaylo
04 Jan, 2007
New York City

    Gold prices declined on Wednesday, suggesting a fall in the February contract from its strongest intraday level in a month to a end at its lowest level in more than a week as a stronger U.S. dollar reduced demand for the precious metal. March silver contract also dropped from an almost three-week high as well as copper futures which slipped to their weakest level since April.

[R]5:00 AM Gold and silver futures declined Wednesday on stronger US dollar.[/R]
Gold for February delivery ended down $8.20 at $629.80 an ounce on the New York Mercantile Exchange while March silver shed 26.5 cents to close at $12.67 an ounce. The biggest Nymex decliner on Wednesday was copper. The March copper contract hit a low of $2.645 a pound, a level it has not touched since April. January platinum dropped by $6.90 to end at $1,132.40 an ounce while March palladium finished up $3.55 at $342.05 an ounce.

The benchmark contract for crude-oil futures lost more than 4% Wednesday to end at its lowest level in nearly 18 months. Crude for February delivery shed $2.73, or 4.5%, to close the session at $58.35 a barrel on the New York Mercantile Exchange. February heating oil lost 6.01 cents, or 3.7%, to finish at $1.5881 a gallon Wednesday, while natural gas settled 13.6 cents down, or 2.2%, at $6.163 per million British thermal units in Nymex trading.

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