Market Updates

Gold, Silver Soar

Ivaylo
16 Apr, 2007
New York City

    Precious metals futures rallied Friday on fund buying after the dollar reached two-year lows. Gold has been drawing buying interest since spot metal broke through resistance around $666 earlier this spring. Copper rose, helped by inventory drawdowns and early concerns about potential labor situations. Crude oil futures ended modestly lower after the reported restart of part of a key Texas refinery brought some relief to a jittery energy market.

[R]5:30AM Gold surges on Friday, crude oil edges lower, copper gains.[/R]
June gold surged $10.20 to end at $689.90 a troy ounce on the New York Mercantile Exchange, while May silver gained 23.5 cents to settle at $14.09 an ounce. July platinum rose $6.90 to $1,286.40 an ounce, and June palladium climbed $6.75 to $381.05 an ounce. The most-active May copper contract advanced 3 cents to settle at $3.5320 per pound.

The May crude oil lost 22 cents to close at $63.63 a barrel after rising to $64.58 a barrel Friday. May gasoline declined 1.21 cent to $2.1797 a gallon after reaching a new eight-month high of $2.2134 a gallon. May heating oil ended with a loss of 0.54 cent at $1.9007 a gallon. Natural gas for May delivery finished 12.3 cents lower at $7.801 a million British thermal units.

Futures on raw sugar in foreign ports were narrowly mixed. May sugar settled 0.02 cent higher at 9.90 cents a pound, while July sugar ended 0.01 cent lower at 9.87 cents a pound. Arabica coffee futures dipped Friday. May coffee ended 1.05 cent lower at $1.1180 a pound, and July coffee finished 1.05 cent lower at $1.1465 a pound.

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