Market Updates

Gold Gains on Technical Buying

Ivaylo
27 Feb, 2007
New York City

    Gold and silver futures advanced Monday due to fund buying, supported by technical factors and a modestly stronger tone in crude oil. The funds continue to be prominent buyers on any declines in the market. They are being prompted by technical and momentum buying, along with the slightly weaker dollar as of late. In addition there is some slight strength in the energy markets. The metals market continues to monitor tensions between the U.N. and Iran as well.

[R]5:00AM Gold and silver advanced Monday on technical buying and stronger oil.[/R]
April gold advanced $3.10 to end at $689.80 a troy ounce on the New York Mercantile Exchange, while May silver settled up 9.6 cents at $14.832. April platinum overnight peaked at $1,252, its strongest level since November and settled up $4.40 at $1,242 an ounce. June palladium dipped $2.20 at $361.50 an ounce. The March copper contract gained1.55 cents to finish at $2.8555 per pound.

April crude oil on the New York Mercantile Exchange advanced 25 cents to end at $61.39 a barrel. Front month March gasoline gained 1.46 cents to end at $1.7777 a gallon. March heating oil settled up 0.57 cent at $1.7562 a gallon while March natural gas declined 20.8 cents to close at $7.547 a million British thermal units.

On the New York Board of Trade, Arabica coffee futures slid to two-day lows. The March contract settled down 1.40 cents at $1.1785 a pound, with May off 1.25 cents at $1.1890. Futures on raw sugar in foreign ports for March gained 0.05 cent at 11.02 cents a pound, with May up 0.05 cent at 10.69 cents.

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