Market Updates

Gold Dips on Stronger Dollar

Ivaylo
31 May, 2007
New York City

    The rise of the dollar against the euro and other currencies weighed on the price of gold Wednesday and gold and silver futures declined, as well as copper futures. Crude oil gained, while gasoline fell and base metals mostly lost. Grains and bean prices surged on the Chicago Board of Trade, rebounding from the plunge Tuesday.

[R]5:30AM Gold and silver decline on dollar strength, grain rallies.[/R]

Gold futures for June delivery on the New York Mercantile Exchange lost $4.10 to end at $653.10 an ounce, while July silver shed less than a penny to finish at $13.22 an ounce. Copper for July delivery declined 1.65 cents to end at $3.3035 a pound.

Crude oil for July advanced 34 cents to end at $63.49 a barrel on the New York Mercantile Exchange, a slight recovery from the more than $2 decline a day earlier. Gasoline for June lost 2.54 cents to finish at $2.2725 a gallon.

July corn advanced 17.4 cents to finish at $3.822 a bushel on the CBOT, as the dry spell in the eastern Corn Belt also propeled prices higher. Wheat rallied 19.6 cents a bushel to end at $5.106, while a bushel of soybeans rose 10.6 cents to close at $8.082.

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