Market Updates

Gold, Silver Gain on Higher Oil

Ivaylo
08 Mar, 2007
New York City

    Gold and silver futures on Wednesday continued their upward trend, as higher energy prices combined with a weaker U.S. dollar to push the metals higher. High-grade copper futures closed higher, boosted by short covering and higher gold and silver futures prices. Of the energy stocks only natural gas declined. Arabica coffee and raw sugar both declined.

[R]5:00AM Gold and silver advanced on Wednesday on stronger oil, lower dollar.[/R]
April gold advanced $6.70 to $652.90 a troy ounce on the New York Mercantile Exchange. May silver rose 12 cents to $13.105. April platinum dropped $3.30 to $1,195.50 an ounce, while June palladium dropped 25 cents to $351.65 an ounce. The most-active May copper contract rose 7.40 cents to settle at $2.7875 per pound.

The front-month April crude oil contract settled up $1.13 at $61.82 a barrel after trading as low as $60.64. April gasoline added 4.22 cents to end at $1.8955 a gallon. Front-month April heating oil settled up 2.01 cents at $1.7674 a gallon. April natural gas settled down 10.6 cents at $7.366 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures settled down 0.90 cent at $1.1110 a pound, with May off 0.80 cent at $1.1220. Futures on raw sugar in foreign ports for May settled down 0.08 cent at 10.68 cents a pound, with July off 0.06 cent at 10.58 cents.

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