Gold, Silver Rally

Ivaylo
11 Apr, 2007
New York City

Gold and silver futures climbed Tuesday to their strongest levels in more than five weeks, supported by a lower U.S. dollar, worries about Iran and firmer base metals. During the day much of the gold and silver advances were attributed to the sharply weaker U.S. dollar, which in turn was largely due to a possible trade war brewing between the United States and China.

[R]5:30AM Gold and silver surged on Tuesday on dollar weakness and geopolitical concerns.[/R]
June gold advanced $4.60 to settle at $681.50 a troy ounce on the New York Mercantile Exchange, while May silver rose 12 cents finish at $13.93 an ounce. July platinum rose $9.30 to close at $1,273.60 an ounce, and June palladium also gained $5.45 to finish at $363.45 an ounce. The most-active May copper contract rose 2 cents to settle at $3.5260 a pound.

In energy trading on the Nymex, crude oil futures advanced for the first time in the past five sessions. The front-month May crude oil contract ended 38 cents, or 0.6%, higher at $61.89 a barrel. May gasoline added 2.84 cents, or 1.4%, to finish at $2.123 a gallon. May heating oil gained 4.04 cents, or 2.2%, to close at $1.8561 a gallon. Natural gas for May delivery settled 32.3 cents higher at $7.869 a million British thermal units, supported by continued unseasonable cold weather.

May Arabica coffee futures ended 0.40 cents lower at $1.0925 a pound, while July coffee finished 0.40 cents weaker at $1.1215 a pound. May corn settled 5.5 cents higher at $3.69 a bushel, July corn ended 5 cents stronger at $3.8125 a bushel, and December corn finished 8 cents higher at $3.9450 a bushel.