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Market Update Analysis: 
Gold Falls Sharply on Energy Prices
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:41 AM EDT September 15 2006



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The news earlier in the trading was the ongoing weakness in the oil price that has come under pressure again below $64 a barrel. It seems that the new one focus is that natural-gas prices have fallen. They are below $5. It is a significant drop in the natural gas price and that has put gold under some pressure. Palladium was the strongest of the precious metals, with some help from fund buying.

 
5:00AM Gold and silver fell Thursday on enrgy prices.
December gold shed $10.30 to settle at $586 a troy ounce on the NYME. December silver plunged 25 cents, to finish at $10.95 an ounce. October platinum fell $6.30 to settle at $1,179.50 an ounce. The December palladium contract settled $8.85 stronger at $327.20 an ounce. December copper dropped 1.05 cents to end at $3.3745 per pound.

The front-month October light, sweet crude oil contract closed 75 cents lower at $63.22 a barrel, its lowest close since March 22. October unleaded gasoline futures finished virtually unchanged at $1.5531 a gallon, while front-month October heating oil declined 0.0318 cent to $1.7110 a gallon. October natural gas contracts lost 55.7 cents, or 10% of their value, to settle at $4.89 per million British thermal units.

December Arabica coffee ended 1 cent lower at $1.0340 a pound, and March fell 1 cent to finish at $1.0730 a pound. Futures on raw sugar in foreign ports declined after producer selling capped an early advance. The October contract closed 0.21 cents lower at 12.16 cents a pound.
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