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Futures
Gold inches higher while other commodities decline
11/24/09 16:22 ESTNEW YORK -Gold prices managed to carve out a small gain Tuesday, while other commodities fell after the latest economic data signaled that the recovery will be slow.
A rise in the dollar also hurt demand for commodities, making them more expensive to foreign buyers.
Commodities like silver, copper and oil retreated after the Commerce Department revised lower its reading on third-quarter economic growth, saying the nation's gross domestic product rose 2.8 percent, down from an initial estimate of 3.5 percent.
Meanwhile, the Conference Board said its Consumer Confidence Index increased slightly to 49.5 in November from 48.7 in October. The reading was better than economists expected, but indicates that consumers are wary as they head into the holiday season.
Demand for gold held up as investors looked for safe places to park their cash. Gold is seen as both an alternative to a weak dollar and a safe-haven investment because of its stable store of value. That has helped drive gold prices to record highs this year.
Gold for December delivery inched up $1.10 to settle at $1,165.80 an ounce on the New York Mercantile Exchange. On Monday, prices hit a fresh high of $1,174 an ounce.
The day's mixed economic news was favorable to gold, as it supported the Federal Reserve's low interest rate policy. Low interest rates are a good economic support, but they have a tendency to weaken a country's currency as investors look for higher returns in other assets.
The economic reports hurt other commodities that will depend on a strong recovery to drive demand. Silver and copper retreated from their highest levels of the year.
December silver fell 15.5 cents to $18.494 an ounce, while March copper futures fell 1.85 cents to $3.1435 a pound.
December platinum dropped $21.10 to $1,443.30 an ounce.
Energy prices also fell on the Nymex.
Light, sweet crude for January delivery lost $1.54 to $76.02 a barrel. Gasoline futures shed 4.04 cents to $1.939 a gallon, while heating oil futures fell 3.02 cents to $1.9497 a gallon.
On the Chicago Board of Trade, March wheat futures fell 25 cents to $5.535 a bushel, while March corn fell 11.25 cents to $3.92 a bushel.
January soybeans rose 4 cents to $10.46 a bushel.
Among other soft commodities, December coffee slipped 0.25 cent to $1.3605 a pound, while January sugar fell 0.06 cent to 21.51 cents per pound. December cocoa fell $37 to $3,205 a ton.
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Schork, you finally! finally!!! Said something intelligent. It felt good didnt it? Now all i would like to know is, who put the words in your mouth? It surely wasnt your usual Exxon/Mobil rhetoric.
The signals have been mixed Dictor? Well which signals are you looking at Dictor? Unemployment ****** highest level since 1983? Leading economic indicators showing a slower than expected recovery? Or mortgage defaults increasing each of the last 9 months? I dont call that mixed signals Dictor. I would call that consistent news. Consistent BAD NEWS DICTOR. But then again, I am not making my money in the oil speculation business as idiots like you that quote this garbage are.
Whoa Dictor.....more "Mixed" signals.
The signals have been mixed Dictor? Well which signals are you looking at Dictor? Unemployment ****** highest level since 1983? Leading economic indicators showing a slower than expected recovery? Or mortgage defaults increasing each of the last 9 months? I dont call that mixed signals Dictor. I would call that consistent news. Consistent BAD NEWS DICTOR. But then again, I am not making my money in the oil speculation business as idiots like you that quote this garbage are.
That’s interesting since an hour ago the API said it dropped by 2.2 million barrels. Gee, I wonder who API is?
• The American Petroleum Institute, commonly referred to as API, is the main U.S trade association for the oil and natural gas industry, representing about 400 corporations involved ...
Oh, I get it! That’s who API is. From now on, totally disregard everything the API says, unless you work for Exxon/Mobil. How crooked is this since any speculation drives oil up. How can stuff like this be legal?