Market Updates

Gold Ends Higher on Oil Support

Ivaylo
19 Feb, 2007
New York City

    Higher oil prices supported gold and silver to finish with modest gains Friday after profit-taking early in the session weighed on prices. April gold reached $668.80, its low for the day, less than half an hour into the session. Traders blamed the early pullback on profit-taking ahead of a three-day U.S. Presidents Day weekend after gold was not able to extend Wednesday six-month high of $376.60. A rebound in crude oil helped gold and silver bounce back.

[R]5:00AM Gold and silver gained on Friday on stronger oil futures.[/R]
April gold gained $1.40 to $672.80 a troy ounce on the New York Mercantile Exchange, while March silver advanced 2.8 cents to end at $13.99 an ounce. April platinum settled down $6.50 at $1,210.40 an ounce, and March palladium slipped $1 to end at $341.80 an ounce. March copper declined 1.95 cents to close at $2.6445 per pound.

The front-month March crude oil futures contract advanced $1.40 to finish at $59.39 a barrel, a sharp recovery from its intraday low of $57.59 a barrel. March heating oil ended up 4.63 cents at $1.6734 a gallon, while March gasoline settled up 4.81 cents at $1.6453 a gallon. March natural gas added 21.0 cents to finish at $7.503 a million British thermal units.

On the New York Board of Trade, Arabica coffee futures dipped to $1.13 a pound, a three-day low. The March contract closed down 2.10 cents at $1.1320 a pound, with May was off 1.85 cent at $1.16. Futures on raw sugar in foreign ports for March gained 0.02 cent to end at 11.13 cents a pound, with May down 0.05 cent at 10.80 cents.

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