Market Updates

Gold Gains on Iran-Related Concerns

Ivaylo
06 Feb, 2007
New York City

    Gold futures advanced on Monday at the New York Mercantile Exchange, while copper continued its march downward. Gold was supported by the tough stance of US Secretary of State Condoleezza Rice on Iran and the strength of oil on the market. Crude oil dipped after the recent rally while natural gas gained. Arabica coffee prices and raw sugar futures also declined.

[R]5:00AM Gold and other precious metals advance on oil, US position on Iran.[/R]
The top-traded April gold finished $4.60 up at $656.10 a troy ounce, while March silver futures gained 18.5 cents to end at $13.56 an ounce. April platinum closed $8.20 higher at $1,171.70 an ounce and March palladium also advanced $4.10 to finish at $342.35 an ounce. The front-month March copper contract edged 0.65 cent lower to end at $2.4165 per pound.

The front-month March crude oil contract gave up 28 cents to end at $58.74 a barrel after surging to $59.95 a barrel, its top level for a front-month contract since Jan. 3. March heating oil shed 0.80 cent to close at $1.6756 a gallon and March gasoline declined 1.30 cents to finish at $1.5599 a gallon. Natural gas for March delivery bucked the downtrend and gained 15.8 cents to $7.634 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures lost 1.75 cents to end at $1.1660 a pound and March futures of raw sugar in foreign ports declined 0.02 cent to 10.48 cents a pound.

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