Market Updates

Gold Rises, Silver, Platinum Fall

Ivaylo
20 Feb, 2007
New York City

    Gold edged higher on Tuesday after surging to a seven-month high on talks that the dollar may weaken and as crude oil continues to trade above $55 a barrel. Oil in New York has traded between $56.62 and $60.80 this month as cold weather and higher-than-normal gasoline demand pushed fuel consumption to a 14-month high. Copper advanced after a magnitude 5.5 earthquake hit the largest mining province in Chile, the biggest producer of the metal in the world.

[R]5:30AM Gold rises, silver and platinum decline Tuesday on weaker dollar.[/R]
Gold for immediate delivery rose as much as 90 cents, or 0.1%, to $671.65 an ounce, and traded at $671.05. Gold yesterday rose as high as $673.55, its highest since July 17. Some financial markets in Asia, including China, are closed for the Lunar New Year holidays. Silver dropped 4 cents to $13.965 an ounce. Palladium declined $2 to $338.50 and platinum slipped $2.50 to $1,213.50. Copper on the London Metal Exchange rose as much as $40, or 0.7%, to $5,845 a metric ton in after-hours trading and was at $5,845. Prices have gained 19% in the past year


Crude oil for March delivery was at $58.56 a barrel, up 3 cents, in after-hours electronic trading on the New York Mercantile Exchange. The more active April contract dropped 2 cents to $59.21 after falling 1.1% yesterday. Brent oil for April settlement rose 9 cents, or 0.2%, to $58.23 a barrel on the ICE Futures exchange in London. Gasoline for March delivery was at $1.6499 a gallon in after-hours trading, after gaining 0.1% to $1.6471 yesterday.

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