Market Updates

Gold Declines on Weaker Demand

Ivaylo
02 Mar, 2007
New York City

    Late-day liquidation sent gold and silver futures lower Thursday, with the selling accelerating in silver when the market went through its previous lows and fell to its weakest level in a month. Gold continued to be buffeted by speculative liquidation. Both platinum and palladium declined, while energy stocks finished mixed as oil and gasoline gained while heating oil and natural gas lost.

[R]5:30AM Gold and silver declined Thursday on late trade liquidation.[/R]
April gold declined $7.40 to $665.10 a troy ounce on the New York Mercantile Exchange. May silver lost 58.5 cents to end at $13.65 an ounce. April platinum also dipped $11.20 to close at $1,245.20 an ounce, while June palladium settled down $2.55 at $354.05 an ounce. Most-active May copper advanced 0.25 cent too end at $2.7545 per pound.

The April crude oil contract added 21 cents to $62 a barrel. April heating oil lost 0.18 cent at $1.7763 a gallon, while April gasoline settled up 3.62 cents at $1.9101 a gallon after trading as high as $1.9170 a gallon, the highest level for a front month contract since late August. April natural gas declined 1.2 cents to close at $7.288 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures contract closed down 1.70 cents at $1.16 a pound, with May off 1.90 cents at $1.1660. Futures on raw sugar in foreign ports for May settled up 0.41 cent at 10.97 cents a pound, with July up 0.34 cent at 10.81 cents.

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