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Market Update Analysis: 
Gold, Silver Slip
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:39 AM EDT October 02 2006



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Firmer dollar sentiment and light profit taking in the oil market weighed on gold and the other precious metals on Friday. With the dollar stronger and oil down sharply, stimuli are negative, both from a technical and fundamental standpoint, and fund selling occurred. December gold was unable to maintain momentum through the $610 an ounce area as a factor contributing to the pullback.

 
5:30AM Gold and silver slipped on Friday on stronger dollar, technical factors.
December gold fell $6.70 to finish at $604.20 a troy ounce on the NYME. December silver gave up 19.5 cents to close at $11.54 an ounce. October platinum fell $4.80 to close at $1,141.20 an ounce. December palladium settled with a loss of $7.70, at $316.40 an ounce. In other metals trading, the December copper contract lost 3.25 cents to end at $3.4605 per pound.

The front-month November light, sweet crude oil contract rose 15 cents to close at $62.91 a barrel. October heating oil fell 2.92 cents to finish at $1.6846 a gallon. Front-month October unleaded gasoline rose 4.81 cents to $1.5492 a gallon. December natural gas futures settled 30.8 cents higher at $7.34 per million British thermal units. On the New York Board of Trade, Arabica coffee futures rose slightly in end-of-quarter activity. October raw sugar finished 0.30 cent higher at 10.85 cents a pound.
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