Market Updates

Gold Gains on Weaker Dollar

Ivaylo
30 May, 2007
New York City

    Gold prices advanced on Tuesday as the U.S. dollar dipped against the euro and other major currencies and investors reallocated funds into precious metals. Elsewhere in the commodities markets, prices of energy and agriculture products declined, while some industrial metals posted gains.

[R]5:30AM Gold gains Tuesday on weaker dollar, energy, agricultural stocks also advance.[/R]

The weaker dollar helped boost the June contract for gold up $1.90 to settle at $657.20 an ounce on the New York Mercantile Exchange. Silver tracked gold higher, with the July contract adding 22.3 cents to close at $13.223 an ounce.

The world refined copper market saw a sharp production deficit in February compared with a year-ago surplus, according to the latest monthly bulletin from the International Copper Study Group. Copper for July delivery closed a fraction of a penny lower at $3.32 a pound on the Nymex.

Light, sweet crude oil for July delivery tumbled $2.05 to finish at $63.15 a barrel. June gasoline futures fell 10.58 cents to settle at $2.2979 a gallon. July corn dipped 11.2 cents to $3.646 a bushel on the Chicago Board of Trade. A bushel of wheat for July delivery shed 10 cents to $4.91, and July soybeans fell 15 cents to $7.974 a bushel.

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