Market Updates

Gold Gains on Softer Dollar

Ivaylo
15 Feb, 2007
New York City

    Gold futures advanced to a six-month high on Wednesday, boosted by a decline in the U.S. dollar caused by congressional testimony from Federal Reserve Chairman Ben Bernanke. Silver futures took their cue from gold and gained too. Platinum and palladium also rose. After hitting a two-week high, copper dipped. Energy stocks declined, except for gasoline, which bucked the downtrend and advanced. Arabica coffee and raw sugar gained.

[R]5:00AM Gold and silver advanced Wednesday on weaker dollar.[/R]
April gold advanced $3.50 to end at $672 a troy ounce on the New York Mercantile Exchange while March silver gained 5 cents to finish at $13.965 an ounce. April platinum settled up $11.10 at $1,217.10 an ounce and March palladium added $1.25 to end at $345.85 an ounce. The most-active March copper declined 0.75 cent at $2.5770 per pound after hitting a two-week high.

March crude oil contract lost $1.06 to close at $58 a barrel and March heating oil fell 5.49 cents at $1.6383 a gallon. March gasoline, though, bucked the trend and added 0.71 cent to $1.6162 a gallon. March natural gas shed 12.6 cents to end at $7.241 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures gained 0.35 cent to close at $1.1405 a pound, with May up 0.10 cent at $1.1670. Futures on raw sugar in foreign ports for March also gained 0.18 cent to finish at 10.56 cents a pound, with May up 0.09 cent at 10.45 cents.

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