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Market Update : 
Gold Edges Higher
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:19 AM EST January 31 2007


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Gold edged higher on Tuesday, trading within a narrow range as investors remained on the sidelines as the Federal Reserve met to discuss interest rates. The FOMC is widely expected to hold the fed funds rate steady at 5.25%, as it has at each of its past four meetings since August. February gold rose as high as $646, but failed to hold that level as many traders held back ahead of the Fed decision. Copper prices advanced after gaining support from a decrease in copper stockpiles.

 
5:00AM Gold and silver advanced Tuesday amid thin trading, copper also gained.
The most-active February gold advanced $1.00 to end at $644.20 a troy ounce at the New York Mercantile Exchange. March silver ended 12.5 cents higher at $13.375. April platinum finished $1,180.60 an ounce, up $5.90 and March palladium closed $341.25 an ounce, down $3.70. March copper settled up 1.95 cent at $2.5615 per pound.

The front-month March crude oil advanced $2.96 to end at $56.97 a barrel. February heating oil gained 8.91 cents to close at $1.6380 a gallon, and February gasoline settled up 8.03 cents at $1.5213 a gallon while February natural gas gained 80.3 cents close at $7.740 per million British thermal units.

On the New York Board of Trade, March Arabica coffee futures declined 0.05 cent to finish at $1.1655 a pound. Futures on raw sugar in foreign ports for March lost 0.04 cent to 10.55 cents a pound, with May off 0.05 cent at 10.75 cents.
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