Gold, Silver Surge - Market Update

Market Update Analysis:

Gold, Silver Surge

Author: Ivaylo Dagnev
123jump.com
Last Update: 5:22 AM EST December 01 2006

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Gold and silver prices soared to multi-month highs Thursday, as funds bought into the market on rebounding oil prices and a softening U.S. dollar. There was a little help from the crude market. Firmness from the crude will continue to leak into the other commodity markets, particularly gold. Platinum, palladium and copper also rose, as well as crude oil futures which topped $63 a barrel and finished at their highest level in more than 2 months.

5:00AM Gold and silver prices gained on Thursday on strong oil prices.
February gold futures jumped $11.10 to finish at $652.90 a troy ounce on the NYME. March silver futures gained 35.5 cents to close at $14.115 an ounce. Meanwhile, January platinum rose $24.30 to finish at $1,176.70 an ounce. March palladium gained $6.85 to close at $334.35 an ounce. March copper added 4.05 cents to settle at $3.1955 a pound.

The January crude oil contract jumped $1.31 to an intraday high of $63.77 a barrel before closing 67 cents higher at $63.13 a barrel. December heating oil rose 1.80 cents to close at $1.8133 a gallon, December unleaded gasoline ended 14.85 cents higher at $1.8191 a gallon. Natural gas for January delivery on the Nymex settled 2.7 cents lower at $8.84 a million British thermal units.

At the New York Board of Trade, Arabica coffee futures rose. December coffee closed 1.15 cents higher at $1.1970 a pound. March raw sugar settled 0.01 cent higher at 12.37 cents a pound, while May fell 0.01 cent to 12.26 cents a pound.

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