Market Updates

Gold Rises, Gasoline Dips

Ivaylo
01 Jun, 2007
New York City

    Gold and silver ended higher Thursday supported by hints of rising inflationary pressure, a softer dollar against other major currencies, and a surge in base metals. In the energy stocks, gasoline declined as the government released a larger-than-expected rise in inventories for the week that ended May 25. Corn and wheat futures extended their sharp advances from a day earlier.

[R]5:30AM Gold and silver gain Thursday on a softer dollar, gasoline declines.[/R]

Gold for June delivery gained $7.90 to end at $661 an ounce on the New York Mercantile Exchange, while July silver advacned 25 cents to finish at $13.47 an ounce. Copper gained more than 2% as inventories decreased further. On the London Metal Exchange on June 1, copper for delivery in three months advanced 0.7%, to $7,430 a ton

Crude oil for July delivery rose 52 cents to settle at $64.01 a barrel. The June contract for gasoline, which expires Thursday, lost 2.13 cents to settle at $2.2512 a gallon on Nymex. July gasoline futures finished a fraction of a penny higher at $2.2032.

July wheat surged 6.2 cents on the Chicago Board of Trade to end at $5.17 a bushel, while July corn gained 8 cents to close at $3.902 a bushel. Arabica coffee futures for July delivery rose 0.55 cent, or 0.5%, to $1.110 a pound on May 31 on the New York Board of Trade.

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