Log In | Register
1 Comment
Printadvertisement
Gold prices recovered some ground Wednesday after falling for eight consecutive sessions, lifted by a rebound in oil prices and the conflict between Russia and Georgia.
Gold for December delivery rose by $15 to $829.60 an ounce by midday trading on the New York Mercantile Exchange.
On Tuesday, gold closed down 21 percent from its March record of $1,033.90 an ounce.
"We've had a tremendous sell-off. Traders are looking for an excuse to buy back in, and they found one," said Larry Young, an analyst at Infinity Brokerage.
Soon after both Russia and Georgia said they would agree to a cease-fire after Moscow's attacks on the former Soviet republic, the Bush administration on Wednesday expressed doubt that Russia was adhering to the agreement.
Gold has recently been a volatile commodity driven largely by speculative buying and selling, but traditionally, it is regarded as a safe-haven investment during political instability and an uncertain economy.
Other metals also gained back recent losses. Silver for September delivery rose 20 cents to $14.685 an ounce on the Nymex. September copper rose 11.8 cents to settle at $3.3455 a pound.
Meanwhile, a jump in oil prices helped lure investors back to the broader commodities market.
Crude oil for September delivery rose $3.10 to $116.11 a barrel on the Nymex, after the government reported a drop in U.S. gasoline supplies and an unexpected decline in crude stockpiles.
September gasoline futures rose 8.29 cents to $2.9261 a gallon, while September heating oil futures rose 6.18 cents to $31.399.
The agricultural markets saw renewed interest as well.
Wheat for September delivery rose 18.75 cents to $7.87 a bushel, while December corn rose 12 cents to $5.405 a bushel. November soybeans rose 21 cents to $12.35 a bushel.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
1 Vote- Enjoy this article? Help vote it up the 'Vine.
Published to:
- Madlen Read's Column, All of Newsvine
- Groups: none
- Regions: United States , Canada
 | Agriculture futures trade mostly lower on CBOT | Associated Press | Tue Aug 12 | 0 |
| USDA raises corn estimates on 'ideal' weather | Associated Press | Mon Aug 11 | 0 |
| Agriculture futures trade mixed on CBOT | Associated Press | Tue Aug 5 | 0 |
| Oil falls to $113 in Asia on stronger dollar | Associated Press | Tue Aug 5 | 2 |
| Oil drops to near $112 as storm threat eases | Associated Press | Tue Aug 12 | 2 |
- Public Discussion (1)
- Public Discussion (0)
What's this?
Who's leading the conversation?
This visualization below allows you to see the impact that each user
has on the current conversation.
The top row contains the group of users who have had the most impact, the 2nd
row the group of users who have had the 2nd most impact (et cetera).
Users with similar impact are grouped together, and the average score of the group
is shown to the left of the group. The author of the article is also shown on the
left, in their corresponding group.
Each user's score is based on the number of comments the user has made plus the
number of votes their comments have received. The scores are calculated relative
one another, so while their absolute value is not particularly important, their
relative difference does indicate a larger difference in impact on the conversation.
0.0
{"commentId":2384412,"authorDomain":"steve-sue"}
{"canLink":false,"threadId":"327081","isPrivate":false}
You're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
As a new user, you may notice a few temporary content restrictions. Click here for more info.
Start Tracking
Stop TrackingCOMPANY STUFF:
LEGAL STUFF:
- © 2005-2009 Newsvine, Inc. |
- Newsvine® is a registered trademark of Newsvine, Inc. |
- Newsvine is a property of
