Market Updates
Gold, Oil, Corn Decline
Ivaylo
23 May, 2007
New York City
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Commodities prices dipped across the energy, metals and agricultural markets Tuesday on declines in crude oil, gold and grains. Oil prices dropped under a forecast for advancing crude and gasoline inventories. Gold prices flagged also beside a rising dollar and weaker crude. Shortly before the close of the London Metal Exchange, industrial metals prices began to soften after a mostly positive day.
[R]8:00AM Gold, oil and gran decline on drops in prices.[/R]
An ounce of gold for June delivery lost $3.90 to settle at $659.90 on the Nymex. July silver slipped 14 cents to $12.99 an ounce on Nymex. Copper also declined, with the July contract ending down 9.8 cents to $3.3025 a pound.
The June crude oil contract, which expired Tuesday, shed $1.30 to settle at $64.97 a barrel on the New York Mercantile Exchange. The more heavily traded July contract dipped $1.36 to close at $65.51. Nymex gasoline futures dipped 9.5 cents to close at $2.3063 a gallon.
Corn for July delivery fell 11.4 cents to settle at $3.694 a bushel on the Chicago Board of Trade. July wheat dipped 8.4 cents to end at $4.710 a bushel, while July soybeans gave up 7.2 cents to close at $7.932 a bushel.
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