Market Updates
Gold Rises on Higher Oil, Weaker Dollar
Ivaylo
28 May, 2007
New York City
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Commodities futures advanced in a broad rally on Friday as industrial metals gained on dwindling inventories, while worries over energy supplies saw crude oil and gasoline prices end higher. A 3% increase in copper prices boosted other industrial metals including nickel, zinc and aluminum on the LME. Lead recorded the sharpest percentage gain, advancing nearly 5%. In the precious metals market, gold rose, reacting to higher oil prices and a weaker U.S. dollar.
[R]5:30AM Copper increase lifts industrial metals Friday, gold gains on oil, dollar.[/R]
Gold gained $2 higher to end at $655.30 an ounce on Nymex, while July silver advanced 8 cents to close at $13 an ounce. Copper on the New York Mercantile Exchange picked up 14 cents to finish at $3.3205 a pound.
Crude oil for July delivery surged $1.02 to end at $65.02 a barrel on Nymex. June gasoline futures advanced nearly 5 cents a gallon to settle at $2.4037.
Traders in corn and soybeans weighed conflicting weather forecasts for the Corn Belt this weekend through Tuesday. The July soybean contract advanced 7.2 cents to finish at $8.124 per bushel on the Chicago Board of Trade. Corn for July delivery dropped less than a penny to end at $3.76 a bushel, while July wheat settled up 10 cents at $5.01 a bushel.
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