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Market Update Analysis: 
Gold Hits Six-Week High
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:14 AM EDT July 13 2006



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Gold hit its highest level in six weeks at $657 during the session, but at the close, the contract lost momentum as light profit-taking appeared and buyers were there to pick up the slack. Ongoing geopolitical issues involving Iran, India and North Korea have been the catalyst of the recent rally.

 
5:00AM Geopolitical worries push gold prices up.
August gold closed at $651.20 an ounce on Wednesday, up $8.10. During the session the contract hit its highest level in six weeks at $657. September silver contract setttled 0.5 cent higher at $11.555 an ounce. During the session the contract reached $11.82, its highest level since June 7. October platinum settled $13.60 higher at $1,267.60 an ounce while September palladium closed 95 cents higher at $329.95 an ounce. The most-traded September copper contract ended up 3 cents at $3.6650 per pound.

The August crude oil contract advanced 84 cents to a high of $75.05 before falling back to close just below that level at $74.95, up 79 cents. August heating oil finished up 0.78 cent at $2.0184 a gallon. August gasoline finished up 6.34 cents at $2.2559 a gallon. On the New York Board of Trade, July Arabica coffee futures settled up 0.20 cent at 98.55 cents a pound while September gained 0.15 cent to 99.95 cents a pound. Futures on raw sugar in foreign ports for October ended down 0.30 cent at 16.27 cents a pound and March declined 0.26 cent at 16.68 cents a pound.
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