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Market Update : 
Precious Metals up on Dollar Weakness
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:21 AM EST November 27 2006


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The greenback decline was due to concerns about flagging economic growth in the U.S. Platinum continued its trend of extreme volatility, rising $34 in the Friday session alone. The NYME was closed for trading Friday, leaving the electronic Chicago Board of Trade contract as only way to trade the precious metal. It was the first time the CBOT contract had been open while NYME was closed.

 
5:00 AM Gold surges on weak dollar and economic fears over US growth.
Gold for December delivery was up $9.60 at $638.60 an ounce in electronic trading. Silver futures were up 43 cents at $13.47 an ounce. Platinum recovered from a steep sell-off Wednesday to trade up $34 at $1,188 an ounce. Palladium was up $4.95 at $330.95 an ounce. Copper rose 11.3 cents to $3.224 a pound.

Light sweet crude oil for January delivery rose 66 cents to settle at $59.90 a barrel in electronic trading on the NYME. Heating oil ended 3.05 cents higher at $1.6970 per gallon, unleaded gasoline rose 1.02 cent to settle at $1.5990, and natural gas finished 23.8 cents higher at $7.956 per 1,000 cubic feet.

Nickel advanced to its highest in at least 19 years on the London Metal Exchange. Nickel for delivery in three months climbed $250, or 0.8%, to $33,700 a metric ton . Corn futures for March delivery rose as much as 5.5 cents, or 1.4%, to $3.9150 a bushel, the highest since July 1996, in electronic trade on the Chicago Board of Trade.
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