Market Updates

Gold, Silver End Lower on Dollar Strength

Ivaylo
09 May, 2007
New York City

    Gold and silver declined Tuesday on a higher U.S. dollar and as investors turned their attention to the Federal Reserve policy meeting on Wednesday. Precious metals were under pressure as the euro slipped against the dollar ahead of several central bank meetings this week. The Fed meets Wednesday, while the European Central Bank and the Bank of England meet on Thursday. Platinum and palladium also settled lower, while copper rose.

[R]5:30AM Gold and silver decline Tuesday on dollar strength.[/R]
June gold declined $3 to end at $687.40 a troy ounce on the New York Mercantile Exchange, while July silver lost 4 cents to finish at $13.60. July platinum settled down $7.70 at $1,343.20 an ounce after trading at $1.335.80 and June palladium settled down $3.25 at $375.95 an ounce. The most-active July copper contract gained 0.70 cent to settle at $3.7225 per pound.

June crude oil futures advanced 79 cents to stop at $62.26 a barrel. June heating oil also gained 2.70 cents to close at $1.8299 a gallon. June gasoline futures settled up 1.49 cent at $2.2046 a gallon, after trading at $2.2075. June natural gas bucked the uptrend and dipped 14.2 cents to end at $7.637 per million British thermal units.

On the New York Board of Trade, July Arabica coffee futures ended up 0.45 cent at $1.0525 a pound, with September 0.45 cent higher at $1.0810. July cocoa settled up $17 at $1,890 a metric ton. Futures on raw sugar in foreign ports for July lost 0.10 cent to close at 9.22 cents a pound, with October off 0.09 cent at 9.52 cents.

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