Gold Ends Flat - Market Update

Market Update Analysis:

Gold Ends Flat

Author: Ivaylo Dagnev
123jump.com
Last Update: 5:23 AM EST November 08 2006

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During the trading session the contract did not move far from the unchanged level as it traded in a tight range of $626.20 to $631.20 an ounce, with traders noting a tone of cautiousness on Election Day. Political experts expect the Democrats to regain control of the House in Congressional elections. They say that a democratic win in Congress would likely be negative for the dollar and bullish for gold.

5:00AM Gold and silver futures close nearly flat on Election Day.
December gold lost 20 cents to end at $627.70 a troy ounce on the NYME. December silver declined 8.5 cents to finish at $12.675 an ounce. January platinum futures settled $4.40 lower at $1,192.30 while December palladium moved $1.40 lower at $334.30 an ounce. December copper gained 2.85 cents to close at $3.3655 per pound.

December crude oil futures slipped $1.09 to end at $58.93 a barrel. December heating oil settled down 3.81 cents to $1.6803 a gallon. December unleaded gasoline declined 0.49 cent to $1.5241 a gallon. December natural gas settled up 26.5 cents at $7.755 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 0.25 cent lower at $1.1295 a pound, with May down 0.20 cent at $1.1705. Futures on raw sugar in foreign ports for March settled 0.17 cent lower at 11.58 cents a pound.

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