Market Updates

Gold Declines on Profit-Taking

Ivaylo
23 Jan, 2007
New York City

    Gold futures faced late-day profit-taking and settled lower Monday after following the energy markets. Gold was steady, but then gave back once oil backed off. Traders are sidelined ahead of the President''s State of the Union Address on Tuesday. Silver advanced as well as palladium, while platinum dropped. The last day of trade for the February crude oil contract saw oil prices slumped.

[R]5:00 AM Gold declined Monday on profit-taking and weak oil futures.[/R]
Most-active February gold lost $2.30 to end at $634.10 a troy ounce on the New York Mercantile Exchange while the most active March silver gained 8 cents to finish at $13 an ounce. April platinum slipped $3.40 to close at $1,165.10 an ounce after touching a session high of $1,174.80. March palladium settled up $1.80 at $346.70 an ounce.

The front-month February crude oil contract dipped 86 cents to end at $51.13 a barrel. February heating oil declined 0.51 cent to emd at $1.5084 a gallon. Front-month gasoline settled down 2.26 cents at $1.3754 a gallon. Front-month February natural gas futures advanced 43.3 cents to stop at $7.319 a million British thermal units.

On the New York Board of Trade, the March Arabica coffee futures contract declined 2.35 cents to end at $1.1735 a pound, while May fell 2.35 cents to $1.2055. Futures on raw sugar in foreign ports for May closed up 0.10 cent at 11.06 cents.

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