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Market Update : 
Gold Inches Down, Oil Surges
Author: Ivaylo Dagnev
123jump.com
Last Update: 5:33 AM EDT July 17 2007



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Gold declined slightly on Monday below a five-week high on technical sales, as the market was closely watching the descent of the dollar against the euro. Investors were wary ahead of Ben Bernanke’s testimony to the U.S. Congress on Wednesday and Thursday that might affect the dollar. After wobbling in early trading, crude oil futures ended the session at an 11-month high. Forecasts for cooler, wetter weather in the Midwest this week sparked a sharp pullback in agriculture prices.

 
5:30AM Gold dips slightly, oil futures climb sharply, agricultural prices tumble.

August gold dipped $1 to end at $666.30 an ounce on the Nymex.

September silver tracked gold lower, edging down 4.5 cents to $13.065 an ounce.

Nymex copper declined 3.1 cents to end at $3.562 a pound.

Crude oil for August delivery advanced 22 cents to close at $74.15, which is the highest settlement since Aug. 11 last year.

Gasoline futures shed 9.86 cents to $2.1262 a gallon.

Wheat for September delivery lost 19 cents to settle at $6.0175 a bushel.

December corn declined 20 cents to end at $3.485 a bushel;

December oats closed down 18.5 cents at $2.5525 a bushel while November soybeans slipped 50 cents to settle at $8.9875 a bushel.
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