Market Updates

Gold Gains on Market Stability

Ivaylo
16 Mar, 2007
New York City

    Stability in stocks spurred buying in gold and silver futures on Thursday. There was a bit of bargain hunting around in gold and silver futures supported by a stronger stock market and a weaker U.S. dollar helping to put a little bit of a floor under the gold price. Platinum also rose, getting an additional boost from tightening supplies. Copper gained, reaching its strongest level since Dec. 21. Energy stocks all closed down.

[R]5:00AM Gold and silver advanced on Thursday on global market stability.[/R]
April gold gained $4.60 to $647.10 a troy ounce on the New York Mercantile Exchange and May silver also advanced 24.5 cents to $13.075. April platinum ended up $14.70 at $1,215.70 an ounce while June palladium declined $1.80 to $351.70 an ounce. The most-active May copper contract added 16.20 cents to settle at $2.9880 per pound.

April crude oil finished down 61 cents at $57.55 a barrel, while April heating oil settled down 2.05 cents at $1.6885 a gallon. April gasoline ended down 4.67 cents at $1.8816 a gallon, as well as April natural gas which finished down 12.4 cents at $6.959 per million British thermal units.

On the New York Board of Trade, May Arabica coffee futures settled up 0.70 cent at $1.1055 a pound, with July up 0.65 cent at $1.1340. Futures on raw sugar in foreign ports dropped but pared a sell-off to five-week lows. May settled down 0.18 cent at 10.23 cents a pound, with July off 0.15 cent at 10.13 cents.

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