Market Updates

Platinum Surges, Gold Slips

Ivaylo
08 Feb, 2007
New York City

    Gold futures closed lower Wednesday, unable to hold their ground at the $660-an-ounce level as pullback in oil prices pared the appeal of the metal. Of other precious metals, silver and palladium took their cue from platinum and advanced, while copper continued its downfall. Energy futures closed lower, save for natural gas, which managed to advance. Arabica coffee settled up, while raw sugar declined.

[R]5:00AM Platinum surges Wednesday, while gold and copper decline.[/R]
April gold lost $1.40 to settle at $657.30 a troy ounce, while silver futures gained 3.5 cents to end at $13.71 an ounce. Platinum futures breached the $1,200 an ounce level. The contract later closed at $1,203, up $12.70. March palladium gained $1.15 finish at $345.20 an ounce. March copper contract shed 4.15 cents to settle at $2.4550 per pound.

March crude oil declined $1.17 to end at $57.71 a barrel after reaching $59.85. March heating oil also dipped 2.48 cents to finally end at $1.6661 a gallon and March gasoline slipped 3.10 cents to close at $1.5415 a gallon. March natural gas bucked the trend and settled up 9.3 cents at $7.709 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures advanced 0.35 cent to end the session at $1.1685 a pound. March futures on raw sugar in foreign ports edged 0.07 cent lower to finally stand at 10.12 cents a pound.

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