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Market Update Analysis: 
Crude Sends Gold Lower
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:15 AM EDT September 12 2006



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The moves accelerating when chart-based selling was triggered. Silver suffered especially hard after the metal had outperformed gold at times over the summer but has now plunged below a key uptrend line. A couple of the contacts cited momentum-based selling of metals after prices also declined late last week, with funds said to be among those liquidating long positions.

 
5:00AM Precious metal fell back Monday as funds liquidated long positions.
December gold plunged $20 at $597.30 a troy ounce on the NYME. December silver lost $1.055 to $11.24 an ounce. October platinum declined $28.90 to $1,200.60 an ounce, while December palladium shed $17.55 to $316.05 an ounce. Most-active December copper sank 15.05 cents at $3.4175 per pound.

The front-month October crude oil contract ended down 71 cents at $65.54 a barrel, its lowest close since March 28. October unleaded gasoline lost 1.45 cents to $1.5946 a gallon. October heating oil finished down 3.78 cents at $1.8054 a gallon and October natural gas shed 0.5 cents to close at $5.670 per million British thermal units.

On the New York Board of Trade, Arabica coffee futures for December was off 2.40 cents to close at $1.0375 a pound. Futures on raw sugar in foreign ports for October settled down 0.48 cent at 11.41 cents a pound.
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