Gold Hits Two Month High

Market Update Analysis:

Gold Hits Two-Month High

Author: Ivaylo Dagnev
123jump.com
Last Update: 5:16 AM EST November 03 2006

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Gold futures advanced to their highest level in two months Thursday to make a two-session gain of $21 an ounce as weak U.S. economic data weighed the dollar lower against major currencies, spurring investment demand in gold. Such a bleak set of background factors, together with the complete absence of good news on the real estate market situation create a rather somber picture for the U.S. dollar and the stocks markets.

5:00AM Gold futures reached fresh high Thursday on weak US dollar.
Gold for December delivery ended up $8.50 at $627.80 an ounce on the NYME. December silver futures climbed 17.5 cents to end at $12.65 an ounce after rising more than 20 cents in the previous session. January platinum closed up $63.50, or 5.6%, at $1,164.20 an ounce. Palladium saw its December contract also climb $2.65 to close at $326.75 an ounce. And after falling just over 3% on Wednesday, December copper rose 5.05 cents to end at $3.2915 a pound.

Crude oil for December delivery closed down 83 cents at $57.88 a barrel on the NYME. December unleaded gasoline futures closed down 0.99 cent at $1.4531 a gallon. December heating-oil futures fell by 1.18 cents to end at $1.6397 a gallon. Natural-gas futures for December delivery closed up 10.2 cents at $7.814 per million British thermal units.

Arabica coffee futures for December delivery closed 1.9 cents higher at $1.1055 a pound. March futures on raw sugar in foreign ports settled 0.03 cents higher at 11.53 cents a pound.

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