Market Updates

Gold Falls on Global Sell-Off

Ivaylo
14 Mar, 2007
New York City

    Gold and silver futures finished lower Tuesday, pushed down by weakness in stocks and a retreat in crude oil from earlier highs. There was a little pullback from the rally in higher energy prices and also gold fell back in tandem with the global equity-market sell-off occurring in the afternoon. Silver and palladium fell in sympathy, while platinum bucked the trend and rose.

[R]5:00AM Gold and silver declined on Tuesday on weak global stocks and softer oil.[/R]
April gold lost 90 cents to close at $649.40 a troy ounce on the New York Mercantile Exchange, while May silver lost 12.5 cents to $12.96. April platinum settled up $9.80 at $1,223.60 an ounce, while June palladium shed $2 to $354 an ounce. The most-active May copper contract declined 2.45 cents to settle at $2.8245 per pound.

April crude oil declined 98 cents to end at $57.93 a barrel. April gasoline settled up 2.13 cents at $1.9318 a gallon. April heating oil advanced 0.79 cent to finish at $1.6902 a gallon. April natural gas settled down 2.0 cents at $6.892 per million British thermal units.

On the New York Board of Trade, Arabica coffee futures closed at four-month lows. The May contract closed down 0.75 cent at $1.1105 a pound, with July off 0.75 cent at $1.1395. Futures on raw sugar in foreign ports for May gained 0.03 cent to end at 10.39 cents a pound, with July up 0.03 cent at 10.31 cents.

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