Market Updates

Platinum Gains, Gold Edges Higher

Ivaylo
20 Mar, 2007
New York City

    Platinum made a significant advance Monday as speculative buying continued in otherwise quiet trading conditions. Gold and silver futures consolidated in relatively narrow ranges. The metals advanced modestly much of the session after Asian stocks rose overnight. The U.S. stock market was also stronger as the gold pits were closing. Energy stocks finished mostly lower with gasoline bucking the trend. Arabica coffee futures ended weaker as well as raw sugar futures.

[R]6:00AM Platinum rallied Monday while gold and silver gained modestly.[/R]
April platinum surged $13.50 to end at $1,234.70 an ounce on the New York Mercantile Exchange while June palladium gained $1.70 to $354.10 an ounce. April gold finished up 40 cents at $654.30 a troy ounce and May silver added 1.8 cents to close at $13.233. The most-active May copper contract rose 1.05 cents to settle at $3.0215 per pound.

The front-month April crude oil contract declined 52 cents to close at $56.59 a barrel. April gasoline bucked the broad trend and added 5.10 cents to end at $1.9581 a gallon, the highest close for a front-month contract since Aug. 22. Front-month April heating oil lost 0.04 cent to finish at $1.6884 a gallon. April natural gas shed 7.7 cents to finish at $6.847 per million British thermal units.

The May Arabica coffee contract closed down 0.10 cent at $1.1025 a pound, with July off 0.05 cent at $1.1315. Futures on raw sugar in foreign ports for May dipped 0.04 cent to 10.22 cents a pound, and July lost 0.02 cent to end at 10.15 cents.

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