Market Updates
Gold Rises on Weaker Dollar, Copper Dips
Ivaylo
11 Jul, 2007
New York City
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Gold futures ended up just about $2 on Tuesday as trade sales early gave way to fund buying, although the dollar dropped to its lowest again the euro. Industrial metals plunged under the weight of disappointing guidances from major players in the U.S. housing sector. On the energy front, oil was higher as refinery problems continue to weigh on the market. In Chicago, soybean prices turned sharply higher.
[R]5:30AM Gold advances modestly Wednesday, while copper falls, oil surges.[/R]
The most-active gold for August delivery on the COMEX division of the New York Mercantile Exchange ended up $1.90 at $664.40 an ounce, touching a one-month peak of $667.00, which marked the highest level since June 7. Silver also rallied with a 15.5-cent advance to settle at $12.975 an ounce.
Copper dropped despite diminishing inventories, while steel-coating metals nickel and zinc plummeted on the London Metal Exchange. In New York, copper futures shed 1.95 cents to close at $3.61 a pound on the Nymex.
Crude oil for August delivery added 62 cents a barrel to settle at $72.81 on reports of refinery problems and, as a result, raising prices for refined products. Gasoline futures also rose 2.48 cents to end at $2.3694 a gallon, while natural gas and heating oil prices climbed too.
November soybeans rallied 18.4 cents to end at $9.204 a bushel, while wheat advanced 2.2 cents to close at $6.016 a bushel. December corn gained 6.6 cents to close at $3.57 a bushel.
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