Market Updates
Gold Surges on Softer Dollar
Ivaylo
07 May, 2007
New York City
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A decline in the U.S. dollar tracking a disappointing jobs report on Friday provided the drive for gold to continue its rally. The market has blamed the weaker tone of the dollar on news that U.S. employment last month grew at the slowest pace since November 2004. All the other precious metals also advanced. All energy stocks finished lower.
[R]5:00AM Gold finishes lower Friday on weaker dollar and disappointing U.S. job data.[/R]
June gold surged $5.30 to end at $689.70 a troy ounce on the New York Mercantile Exchange, while July silver added 2 cents to close at $13.53. July platinum settled up $18 at $1,328.80 an ounce and June palladium ended up 50 cents at $377 an ounce. The most-active July copper contract rose 3.20 cents to settle at $3.7585 per pound.
June crude oil futures declined 49 cents to close at $63.19 a barrel. June gasoline futures dropped 3.12 cents to finish at $2.2164 a gallon, after trading at $2.2905. June heating oil settled down 1.44 cent at $1.8309 a gallon. June natural gas ended down 0.9 cent at $7.938 per million British thermal units.
On the New York Board of Trade, Arabica coffee futures for May advanced 1.65 cent at $1.0300 a pound, with July up 1.65 cent at $1.0600. Most-active July cocoa lost $6 to close at $1,873 a metric ton. Futures on raw sugar in foreign ports for July settled up 0.05 cent at 9.34 cents a pound, with October up 0.09 cent at 9.63 cents.
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