Gold Ends At Seven Week Low

Market Update Analysis:

Gold Ends At Seven-Week Low

Author: Ivaylo Dagnev
123jump.com
Last Update: 6:15 AM EDT August 18 2006

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Gold closed under the $630 level on Thursday, tracking the fall of oil prices, reflecting the relatively calmed international relations, easing the precious metal significance as the last resort to traders. Some analysts are of the opinion, though, that gold is building a base now for new heights that would hit the market later in the year. Silver, platinum, palladium and copper followed suit and also fell.

6:00AM Gold Retreats to a seven-week low, silver and copper follow suit.
Gold for December delivery settled down $13.70 at $625.30 an ounce on the NYME. September silver futures finished down 29 cents at $11.99 an ounce. October platinum lost $17.70 to $1,233.30 an ounce and the September contract for palladium was down 55 cents at $335.85 an ounce. September copper fell 11.30 cents to $3.3575 a pound.

September crude oil ended down $1.83 a barrel to at $70.06, while September gasoline closed 4.65 cents lower at $1.9316 a gallon after hitting a low of $1.9150 a gallon. September heating oil moved back 5.19 cents lower at $1.9650 a gallon. September natural gas settled down 7.7 cents at $6.689 a million British thermal units. On the New York Board of Trade, the most-traded December Arabica coffee lost 1.10 cents to $1.0750 per pound. Futures on raw sugar in foreign ports for October shed 0.45 cent to 12.20 cents a pound.

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