Gold Rises, Silver Falls

Ivaylo
19 Jun, 2007
New York City

Gold futures advanced slightly Monday for the third straight day as the market kept a close eye on the U.S. dollar dipping against the euro and Treasury yields holding steady. Platinum and copper prices also gained, boosted by labor unrest at major producers. Crude oil prices surged to levels unattained since September after labor unions in Nigeria called for a general nationwide strike.

[R]5:30AM Gold and copper gain Monday on dollar weakness, Treasury yields.[/R]

Gold for August delivery advanced $1.40 to settle at $660.10 an ounce on the New York Mercantile Exchange. August silver, though, shed 2.4 cents to finish at $13.296 an ounce, declining after traders made profits from last week gains. Platinum for July advanced $12 to close at $1,299.50 an ounce after production was halted at a major mine in South Africa, a country where strike threats are also lifting prices.

On the Nymex, July copper futures gained 0.10 cent to end at $3.4220 a pound. Lead on the LME advanced 1% to a new record high, while zinc dipped 1.5%, nickel shed 4% and aluminum fell 1%.

Labor unions in Nigeria called for a general nationwide strike to protest a government price raise on automobile fuel. Mounting political tensions in the Middle East and tight gasoline supplies and refinery glitches in the United States also boosted energy prices. Crude oil futures for July delivery gained $1.09 to settle at $69.09 a barrel. July gasoline futures added 0.42 cent to settle at $2.2643.

Grain prices were mixed on the Chicago Board of Trade. July wheat futures slid 5.5 cents to close at $6.01 a bushel on the CBOT, still trading near levels unattained in over 10 years after heavy rains hurt the U.S. wheat crop. July corn shed 3 cents to close at $4.16 a bushel.