Market Updates
Weak Dollar, Bolivia Lead Metals Higher
Ivaylo
24 Jan, 2001
New York City
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Gold prices hit a three-week high Tuesday as the dollar slumped against other major currencies and a possible nationalization of its mining sector in Bolivia stunned the market. Bolivia intends to raise taxes on mining, while also stating that the government may nationalize companies that violated privatization rules. Silver hit a five-week high on the back of a surge in copper futures and palladium ended at four-month high.
[R]5:00 AM Gold surges Tuesday on skidding dollar and Bolovian intentions.[/R]
February gold ended up $11.80 at $645.90 a troy ounce on the New York Mercantile Exchange and March silver also closed up 26 cents at $13.26 an ounce. The most active March copper advanced 5 cents to settle at $2.5795 per pound. April platinum was up $18.10 at $1,183.20 an ounce, while March palladium traded to its highest level in more than four months at $353.50 and finished at $350.35, up $3.65 an ounce.
The March crude oil contract surged $2.57 to a high of $55.15 a barrel before pulling back. The contract ended $2.46 higher at $55.04 a barrel. February gasoline added 7.19 cents to finish at $1.4473 a gallon, while February heating oil settled up 6.79 cents at $1.5763 a gallon. February natural gas gained 27.8 cents to end at $7.597 per million British thermal units.
On the New York Board of Trade, the March Arabica coffee futures declined 1.70 cents at to close at $1.1565 a pound, while the May futures fell 1.70 cents to $1.1885. Futures on raw sugar in foreign ports for March finished 0.14 cent lower at 10.79 cents a pound.
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