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Market Update Analysis: 
Gold Keeps Moving up
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:43 AM EDT May 11 2006



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Worries over inflation have been an integral part of the bullish mood powering the rally in the metal trading, together with tensions over Iran’s nuclear policies and the soft dollar. Platinum and copper also followed suit to reach new all-time highs. Silver and copper settled lower for the day, hitting life-of contract highs for 27 out of 34 trading days.

 
5.30 AM Gold settles a new all-time high at the close of trading session.
June gold closed $4.20 up at $705.70 an ounce. It hit fresh highs twice in the past 24 hours of trading, the first one being $706.80 a troy ounce in Wednesday, and the second one - $707.80 an ounce in after hours trading for Thursday. July platinum also touched new grounds, hitting $1,268.50 an ounce to settle at $1,259.70 an ounce, up $20.40. Silver futures finished at 18.5 cents down at $14.28 an ounce. Palladium was also down for the day closing $4.70 down at $390.20 an ounce. The most-traded copper contract was up 9.20 cents at $3.6880 per pound.

June crude oil advanced $1.51 to finish at $72.20 a barrel, following a low of $69.65 a barrel. Gasoline was up 12.34 cents to end at $2.17 a gallon. The most-traded cocoa contract finished $2 down at $1,561 a metric ton. July Arabica coffee finished 0.10 cents higher at $1.09 a pound on the New York Board of Trade. July futures for raw sugar in foreign ports ended down 0.09 cents at 17.38 cents a pound.
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