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Gold, silver futures rise, but end off highs as crude oil falls

Gold, silver futures rise, but end off highs as crude oil falls

Gold and silver futures rose in thin, post-Christmas trading Tuesday with help from technical buying and short covering, but they finished below the day's strongest levels due to the decline in crude futures prices.
Crude contracts finished with steep losses, pressured by unseasonably warm weather in the U.S. Northeast and Midwest.
In precious metals trading on the New York Mercantile Exchange, February gold closed $4.60 stronger at $626.90 an troy ounce. March silver added 9 cents to settle at $12.725 an ounce.
February gold initially surged as high as $632.30 an ounce, and March silver jumped to Tuesday's high of $12.87 an ounce.
However, gold and silver slid from those highs when crude futures eventually fell, after an early climb on renewed worries about Iran's nuclear program and rising militant attacks in Nigeria.
In other metals trading, January platinum rose $1.50 to finish at $1,123 an ounce, while April platinum was steady at $1,132 an ounce. March palladium gained $3 to settle at $329.20 an ounce.
The most-active March copper contract rose 2.4 cents to settle at $2.8780 per pound.
In energy trading on the Nymex, the February crude contract fell $1.31 to $61.10 a barrel after falling as low as $60.50 a barrel, the lowest level for a front month contract since late November.
January heating oil slid 5.87 cents to $1.6233 a gallon. January unleaded gasoline closed with a loss of 5.08 cents at $1.5722 a gallon.
January natural gas futures closed 52.2 cents, or 7.9 percent, lower at $6.113 a million British thermal units. The last time front-month gas futures closed lower was on Oct. 13, when the November contract settled at $5.659/MMBtu.
On the New York Board of Trade, Arabica coffee futures finished firmer after speculators and funds were seen buying. Industry support also helped propel coffee to firmer levels at the final bell, New York floor brokers said. Overall volume flows were thin, however, as the London coffee market was closed.
March coffee futures settled 2.3 cents higher at $1.2770 a pound.
Meanwhile, commodity funds and speculators pushed March cotton futures to new three-month highs as cotton was helped by continued technical strength and aggressive options trades, market participants said.
Most-active March cotton rose 0.83 cents to settle at 56.61 cents a pound. May cotton climbed 0.81 cents to finish at 57.00 cents a pound.
Cocoa futures fell slightly in thin trading, with speculative selling providing most of the pressure, market participants said.
Most-active March cocoa fell $6 to settle at $1,621 a ton, while May closed $6 lower at $1,642 a ton.
Futures on raw sugar in foreign ports closed at weaker levels after trade selling hit the market late in the session.
March sugar futures settled 0.06 cents lower at 11.86 cents a pound.
Corn, wheat and soybean futures all finished stronger on the Chicago Board of Trade, with a boost from technical buying.
March corn ended 4 cents higher at $3.88 a bushel, while May gained 3.75 cents to close at $3.9525 a bushel.
CBOT March wheat settled 2.75 cents higher at $5.1675 a bushel, Kansas City Board of Trade March wheat closed 2 cents stronger at $5.20 a bushel, and Minneapolis Grain Exchange March wheat closed 3.25 cents higher at $5.2125 a bushel.
January soybeans finished 12 cents higher at $6.7150 a bushel, and March soybeans closed 12.25 cents stronger at $6.8650 a bushel. March soymeal settled $3.20 higher at $194.10 per short ton, while March soyoil ended 0.48 cents higher at 29.32 cents a pound.


Updated : 2021-02-27 23:28 GMT+08:00