Gold, silver bounce as dollar slides |
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Wed, 23 May 2007 21:40
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NEW YORK (AP) - Gold and silver futures rose in light trading conditions Wednesday, boosted by a softer U.S. dollar.June gold settled up $2.70 at $662.60 a troy ounce on the New York Mercantile Exchange. July silver settled up 11.5 cents at $13.105.'You have the dollar coming back down, which is supporting the precious metals,' said Michael Gross, broker and futures analyst with Liberty Trading.July platinum settled up $8.30 at $1,307 an ounce. June palladium settled down $1 at $377.55.The most-active July copper contract edged down 0.20 cent to settle at $3.3005 per pound.The front-month July light, sweet crude contract settled up 26 cents at $65.77 a barrel. June gasoline settled down 0.41 cent at $2.3104 a gallon. June heating oil settled up 2.51 cents at $1.9323 a gallon.June natural gas settled down 4.4 cents at $7.757 per million British thermal units.On the New York Board of Trade, July Arabica coffee futures closed up 0.50 cent at $1.1205 a pound, with September up 0.50 cent at $1.1430.July cocoa closed up $48 a metric ton, at $1,971. Prices are in a solid uptrend from the early May low of $1,755. New speculative buying propelled the market higher and notched a five-week high.Futures on raw sugar in foreign ports for July settled up 0.01 cent at 8.77 cents a pound, with October down 0.04 cent at 8.94 cents.On the Chicago Board of Trade, corn futures settled mostly higher in choppy trading. July corn slipped 1 cent to $3.6850 per bushel, September settled 0.25 cent higher at $3.7150, and December gained 1.25 cents to $3.7050.July soybeans settled 7.25 cents higher at $8.0050, and November soybeans finished 8.25 cents higher at $8.3050.July wheat rose 5.50 cents to $4.7650 per bushel.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Metals - UBS lowers short-term silver forecasts 