Market Updates

Gold Climbs on Iran Threats

Ivaylo
09 Feb, 2007
New York City

    Gold futures surged on Thursday on Iran-related pressure, as the supreme leader of Iran, Ayatollah Ali Khamenei, threatened the US that Iran would retaliate should the country be attacked. Silver futures followed gold lead and also jumped, while platinum and palladium declined. All the energy-related stocks advanced with natural gas getting a boost on a storage report. Arabica coffee dipped to a two-week low, while raw sugar gained.

[R]5:00AM Gold gains Thursday as Iran threatens to strike back on likely attack.[/R]
April gold surged to $662.80, up $5.50 on the New York Mercantile Exchange while March silver contract settled 6 cents higher at $13.77 an ounce. April platinum lost $4.70 to end at $1,198.30 an ounce, while March palladium declined $4.20 to finish at $341 an ounce. The most-active March copper contract fell 0.45 cent to settle at $2.4505 per pound.

The front-month March crude oil contract gained $2.00 to end at $59.71 a barrel. March heating oil also ended up 5.89 cents at $1.725 a gallon and March gasoline added 5.18 cents to close at $1.593 a gallon. March natural gas settled up 16.2 cents at $7.871 per million British thermal units, the highest level this year, after a U.S. government report showed slightly higher-than-expected withdrawals from gas in underground storage last week.

Arabica coffee futures dipped to two-week lows. The March contract lost 1.30 cent to end at $1.1555 a pound, with May down 1.30 cent at $1.1855. Futures on raw sugar in foreign ports for March advanced 0.16 cent to 10.28 cents a pound, with May up 0.14 cent at 10.41 cents.

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