Market Updates

Weak Dollar Boosts Gold

Ivaylo
13 Jul, 2007
New York City

    Gold futures advanced on Thursday, propelled by a record low of the U.S. dollar against the euro. Industrial metals ended mostly lower with copper, aluminum and tin losing ground. Energy prices, too, declined as some refineries restarted operations, while on the Chicago Board of Trade, corn was boosted by forecasts of dry weather in the western Corn Belt. Wheat declined, while soybean prices edged higher.

[R]5:30AM Gold gains Thursday as dollar softens, copper also declines, gasoline drops.[/R]

August gold reached $671 an ounce in intraday trading on the New York Mercantile Exchange, then finished up $6.20 at $668.30 an ounce.

September silver advanced 20.5 cents to end at $13.18 an ounce.

September copper slid 4.05 cents to finish at $3.581 a pound on the Nymex.

Lead finished flat while zinc rose 2%.

Energy prices declined as several refineries restarted operations, raising hopes for increased gasoline output.

Crude oil jumped first more than $1, then retreated to close down 6 cents at $72.50 a barrel.

Gasoline prices dipped 4 cents to settle at $2.2663 a gallon.

December corn gained9.6 cents to close at $3.65 a bushel.

Wheat prices edged 0.4 cent lower to close at $6.214 a bushel.

Soybeans added 18.6 cents to settle at $9.414 a bushel.

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