Market Updates

Gold, Silver down on Sell-Off

Ivaylo
05 Mar, 2007
New York City

    Speculators continued to sell off gold and silver futures Friday, triggering sell stops. The market witnessed massive speculative liquidation in gold and silver. The behavior of precious metals prices this week has confounded investors. Copper also fell as well as the energy stocks. Corn, wheat and soybeans declined too.

[R]5:30AM Gold and silver fell Friday on a massive sell-off.[/R]
April gold declined $21 to $644.10 a troy ounce on the New York Mercantile Exchange. May silver lost 69 cents to $12.96 an ounce. April platinum settled down $33.40 at $1,211.80 an ounce, while June palladium settled down $3.45 at $350.60 an ounce.
The May copper contract shed 4.75 cents to settle at $2.7070 per pound.

The April crude oil contract shed 36 cents to end at $61.64 a barrel. April gasoline settled down 0.83 cent at $1.9018 a gallon. April heating oil lost 0.81 cent to close at $1.7682 a gallon. April natural gas settled down 4.5 cents at $7.243 per million British thermal units.

On the New York Board of Trade, Arabica coffee futures ended weaker, pressured by losses in London trading of robusta beans. The March contract closed down 1.65 cents at $1.1435 a pound, with May off 1.45 cents at $1.1515. Futures on raw sugar in foreign ports for May gained 0.25 cent to end at 11.22 cents a pound, with July up 0.21 cent at 11.02 cents.

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