Market Updates

Gold Falls, Silver Gains

Ivaylo
26 Jan, 2007
New York City

    Precious metals hit their strongest levels of the year Thursday, although gold eventually retreated from all of its gains due to a turn lower in crude oil and a rise in Treasury yields. Silver sustained its advance. Platinum, palladium and copper gained as well. All energy stocks declined, while Arabica coffee futures rose. Raw sugar slipped to a one-year low on producer selling and pressure from local and small speculators.

[R]5:00AM Gold and silver prices advanced Thursday on rise in oil stocks.[/R]
February gold ended 10 cents lower at $648.10 a troy ounce on the New York Mercantile Exchange. March silver gained 21.7 cents to $13.49. April platinum closed up $14.90 at $1,188 an ounce and March palladium gained $6.30 to $355.45 an ounce.The most active March copper contract added 5.30 cents to settle at $2.6545 per pound.

The front-month March crude oil contract finished down $1.14 at $54.23 a barrel. February heating oil shed 3.48 cents to $1.5491 a gallon. Front-month gasoline fell 1.75 cents to $1.4441 a gallon and February natural gas ended down 51.6 cents at $6.905 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures settled up 1.30 cents at $1.1695 a pound, with May up 1.30 cents at $1.2015. March futures on raw sugar in foreign ports settled down 0.07 cent at 10.69 cents a pound, with May off 0.05 cent at 10.88 cents.

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