Market Updates

Gold Gains, Grain Falls

Ivaylo
20 Jun, 2007
New York City

    Gold futures advanced for the fourth day in a row Tuesday, edging higher on weakening U.S. Treasury yields and a softer U.S. dollar. It was a mixed day overall for commodities, with grains retreating sharply as investors took profits from last week significant advance, and crude oil declining and then rebounding on labor unrest in Nigeria and Brazil.

[R]5:30AM Gold and silver advance Tuesday while grain tumbles.[/R]

Gold for August delivery rose $4.40 to finish at $664.30 an ounce on the New York Mercantile Exchange. August silver rose 11.5 cents to end at $13.325 an ounce, and July platinum slipped $1.00 to end at $1,298.00 an ounce. On the Nymex, July copper futures fell 1.7 cent to finish at $3.4010 a pound.

Crude oil prices gained slightly to a new nine-month high on strike threats in Nigeria and Brazil. The energy markets were also awaiting weekly oil inventory data on Wednesday, which the market expects to show little improvement in U.S. gasoline supplies. Crude oil futures for July delivery rose a penny to settle at $69.10 a barrel. July gasoline futures fell 2.97 cents to settle at $2.2346 a gallon. July natural gas futures fell 17.1 cents to settle at $7.519 per 1,000 cubic feet.

Grain prices plunged on the Chicago Board of Trade on improving weather conditions which convinced traders to take profits after last week strong buying. July wheat futures fell 20 cents to finish at $5.81 a bushel on the CBOT. July corn dipped 20 cents to end at $3.96 a bushel, and July soybeans shed 26.25 cents to end at $8.29 a bushel.

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