Gold breaks a losing streak; other metals rise

5/20/2013 2:30 PM
By Associated Press

The price of gold rose Monday for the first time in nearly two weeks.

Gold for June delivery rose $19.40 to settle at $1,384.10 an ounce Monday, an increase of 1.4 percent. It was the first gain since May 8.

The price of gold has been falling since last autumn. Its appeal as an alternative investment faded as the U.S. dollar rose. Subdued inflation and worries that Cyprus might sell some of its gold reserves to support its banks have also given traders reasons to sell gold.

The price of gold has fallen 23 percent since Oct. 4, when it closed at $1,796.50 an ounce.

Silver, copper, platinum and palladium also rose Monday.

Copper for July delivery rose 3.7 cents, or 1.1 percent, to $3.36 a pound, while silver for July delivery gained 23 cents, or 1 percent, to $22.58.

Platinum for July delivery rose $16.60, or 1.1 percent, to $1,484.60 an ounce. Palladium for June delivery rose $10.50 to $750.75 an ounce, a gain of 1.4 percent.

In the market for grains and other crops, wheat and soybeans rose, while corn fell.

Wheat for July delivery rose 2 cents to $6.8525 a bushel.

Corn for July delivery fell 3.25 cents to $6.4950 a bushel. Soybeans for the same month rose 16 cents to $14.645 a bushel.

In the oil and gas market, benchmark oil for June delivery gained 69 cents to close at $96.71 a barrel on the New York Mercantile Exchange.

In other energy futures trading on Nymex:

— Wholesale gasoline was flat at $2.91 a gallon.

— Heating oil rose 1 cent to $2.95 a gallon.

— Natural gas gained 4 cents to $4.09 per 1,000 cubic feet.


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10/30/2014 | Last Updated: 9:30 AM