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Market Update Analysis: 
Gold Falls Pressured by Rising Dollar
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:33 AM EDT August 25 2006



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The conditions for gold seem to project sloppy to sideways and perhaps even lower pricing ahead. However, the December gold contract appears to have pretty solid support above the $625 level. Soft U.S. housing and durable-goods data sent high-grade copper futures lower as well. Silver also declined.

 
5:30AM Gold futures fell Thursday due to stronger dollar.
December gold closed down $4.50 at $628.50 a troy ounce and September silver lost 20.5 cents to end at $12.31 an ounce. October platinum settled up $1.20 at $1,237.70 an ounce, while September palladium settled $2.40 lower at $344.45 an ounce. The September copper contract shed 3.65 cents to finish at $3.4285 per pound.

The front-month October light, sweet crude-oil contract finished up 60 cents at $72.36 a barrel. September gasoline rose 0.21 cent to $1.8615 a gallon and September heating oil gained 2.68 cents to $2.0294 a gallon. September natural gas moved up 20.4 cents at $7.079 a million British thermal units. On the New York Board of Trade, September Arabica coffee closed down 0.30 cent at $1.0705 a pound while December lost 0.20 cent to $1.1115. Futures on raw sugar in foreign ports for October closed down 0.11 cent at 12.30 cents a pound.
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