Market Updates

Gold Gains as Deficit Widens

Ivaylo
14 Feb, 2007
New York City

    Gold futures reached a six-month high on Tuesday at the New York Mercantile Exchange after the U.S. trade deficit widened more than expected in December. Silver futures followed gold lead and also hit a two-month high. Triggered by a drawdown in inventories, copper futures broke out of a recent range and finished at a nearly two-week high. Oil and the other energy futures gained too.

[R]5:00AM Gold and silver ended higher Tuesday on wider-than expected deficit.[/R]
The most-active April gold advanced $1.20 to $668.50 a troy ounce while the most-active March silver settled 20 cents higher at $13.915 an ounce after hitting a two-month high of $14.00. April platinum gained $14.70 to end at $1,206 an ounce and March palladium settled at $344.60, up $6.85. The most-active March copper rose to $2.60 per pound, which its highest level since Feb. 1. The contract finished at $2.5845, up 10.70 cents.

The front-month March crude oil contract gained $1.25 to $59.06 per barrel and front-month March heating oil added 4.78 cents to close at $1.6932 per gallon. March gasoline advanced 5.64 cents to finish at $1.6091 per gallon. March natural gas settled up 14.1 cents at $7.367 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures declined 0.20 cent to end at $1.1370 a pound, with May off 0.35 cent at $1.1660. Futures on raw sugar in foreign ports for March dropped 0.01 cent to close at 10.38 cents a pound, with May down 0.04 cent at 10.36 cents.

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