Market Updates

Gold Dips, Silver Rises

Ivaylo
05 Jan, 2007
New York City

    Precious metals traded in opposite directions on Thursday, with gold retreating along with the euro and crude oil but silver rebounding. Copper kept on its losing streak and hit the lowest level since April. As for silver advances, it may be that investors are looking at the gold/silver ratio at this point. Silver had outperformed gold during much of late 2006. Whereas gold recovered at the end the previous year, traders may be starting to favor silver on the ratio again.

[R]5:00 AM Gold and copper drop on Thursday, while silver gained.[/R]
February gold shed $3.60 to end at $626.20 a troy ounce on the New York Mercantile Exchange while March silver advanced 16.5 cents to finish at $12.835 an ounce. January platinum was almost steady, adding a mere dime to $1,132.50 an ounce. March palladium added $3.50 to close at $345.55 an ounce, while the most-active March copper contract sank 4.70 cents to end at $2.6020 per pound.

The front-month February crude oil contract lost $2.73 to end at $55.59 a barrel. February heating oil also shed 4.50 cents to close at $1.543 a gallon. Front-month gasoline declined 6.19 cents to $1.487 a gallon. February natural gas slipped 0.1 cent to close at $6.162 a million British thermal units.

On the New York Board of Trade, March contract Arabica coffee futures gained 1.4 cents to end at $1.25 a pound, with May up 1.4 cents at $1.2805. Futures on raw sugar in foreign ports for March lost 0.24 cent to finish at 11.27 cents a pound, with May down 0.21 cent at 11.30 cents.

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