Market Updates

Crude Boosts Precious Metals

Ivaylo
25 Jan, 2007
New York City

    A rebound in late trading in crude oil made it possible for gold futures to end Wednesday with a gain. Gold has been attracting solid physical demand in Asia and Europe, especially India. Crude oil futures advanced to a two-week high Wednesday, reversing losses. Silver also advanced, while platinum and palladium bucked the trend and declined. Arabica coffee futures closed higher but raw sugar slipped.

[R]5:00AM Gold and silver advanced supported by the recovery of oil stocks.[/R]
February gold futures ended up $2.30 at $648.20 a troy ounce on the New York Mercantile Exchange while March silver gained 1.3 cents to settle at $13.273. April platinum finished down $10.10 at $1,173.10 an ounce and March palladium lost $1.20 to $349.15. The most-active March copper contract ended up 2.20 cents at $2.6015 per pound

The front-month March crude oil contract advanced 33 cents to close at $54.37 a barrel. February heating oil also ended 0.76 cent higher at $1.5839 a gallon. Front-month gasoline rose 1.43 cents to $1.4616 a gallon and February natural gas closed down 17.6 cents at $7.421 per million British thermal units.

On the New York Board of Trade, the March Arabica coffee contract finished up 1.30 cents at $1.1695 a pound, with May gaining 1.30 cents to end at $1.2015. Futures on raw sugar in foreign ports for March declined 0.03 cent to close at 10.76 cents a pound, with May down 0.01 cent to 10.93 cents.

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