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Gold, silver futures higher as dollar slides

Gold, silver futures higher as dollar slides

Gold and silver futures climbed Tuesday and hit their strongest levels in more than five weeks, helped by a weaker U.S. dollar, more concerns about Iran and strength in base metals, analysts and traders said.
June gold rose $4.60 to settle at $681.50 a troy ounce on the New York Mercantile Exchange. May silver rose 12 cents finish at $13.93 an ounce.
June gold peaked at $686.80 an ounce, its strongest level since Feb. 28, while May silver traded as high as $14.05 an ounce, its strongest level since March 1.
Throughout the day, analysts linked much of the gold and silver gains to the sharply weaker U.S. dollar, which in turn has been blamed largely on a possible trade war brewing between the United States and China.
The United States on Tuesday filed two new complaints against China at the World Trade Organization over intellectual property rights.
Meanwhile, there are renewed concerns about Iran, after the country said Monday it has stepped up its uranium-enrichment efforts, in defiance of international demands that Iran halt its nuclear program and return to negotiations.
In other precious metals trading, July platinum rose $9.30 to close at $1,273.60 an ounce, while June palladium gained $5.45 to finish at $363.45 an ounce.
There were also price gains for copper in the base metals market. The most-active May copper contract rose 2 cents to settle at $3.5260 a pound.
In energy trading on the Nymex, crude oil futures rose for the first time in the past five sessions. Crude prices climbed slightly as heating oil and gasoline surged before weekly U.S. inventory data due Wednesday.
The front-month May light, sweet crude contract settled 38 cents, or 0.6 percent, higher at $61.89 a barrel. June crude rose 57 cents to $64.88 a barrel, a $2.99 premium to May and the biggest front-to-second month discount recorded outside of a contract expiration day.
Crude oil prices slumped 6.2 percent in the past five sessions, mainly on the release of 15 British sailors and marines who had been seized by Iran.
In other energy trading, May gasoline rose 2.84 cents, or 1.4 percent, to finish at $2.123 a gallon. May heating oil rose 4.04 cents, or 2.2 percent, to close at $1.8561 a gallon.
Meanwhile, natural gas for May delivery settled 32.3 cents higher at $7.869 a million British thermal units, helped by continued unseasonable cold weather.
On the Chicago Board of Trade, wheat futures posted solid gains on concerns about the condition of the developing U.S. winter wheat crop, following a severe cold snap during the weekend.
CBOT May wheat finished 10.25 cents higher at $4.5775 a bushel. Kansas City Board of Trade May wheat closed 9.5 cents stronger at $4.7750, and Minneapolis Grain Exchange May wheat settled 11.75 cents higher at $5.0775 a bushel.
With wheat prices up, CBOT corn futures also ended higher across the board Tuesday with help from speculative buying.
May corn settled 5.5 cents higher at $3.69 a bushel, July corn ended 5 cents stronger at $3.8125 a bushel, and December corn finished 8 cents higher at $3.9450 a bushel.
However, soybean futures weakened at the CBOT due to issues including bearish supply and demand data.
May soybeans ended 6.5 cents lower at $7.4250 a bushel, July soybeans settled 6 cents lower at $7.6050 a bushel, and November soybeans finished 5.75 cents lower at $7.8750 a bushel. May soymeal settled $4.60 lower at $204.80 per short ton. May soyoil ended 0.38 cents higher at 32.46 cents a pound.
May Arabica coffee futures finished 0.40 cents lower at $1.0925 a pound, while July coffee closed 0.40 cents weaker at $1.1215 a pound. Much of the day's activity involved the May-July spread, some market participants said.
May cocoa ended unchanged at $1,883 a metric ton, and July cocoa finished steady at $1,915 a ton.


Updated : 2021-10-18 09:44 GMT+08:00