Gold ends flat, other metals slightly higher
NEW YORK — Gold prices finished flat Monday, while other metals were slightly higher amid a mixed batch of earnings reports and economic data.
RadioShack Corp. reported a bigger-than-expected second-quarter profit due to cost-cutting measures, but health insurer Aetna Inc. and manufacturer Honeywell International Inc. posted weaker results.
Meanwhile, the government reported that sales of new homes in June rose at the fastest pace in nearly nine years, but home prices were sharply lower than they were a year ago.
Commodities, like stocks, have been on an upward climb the past two weeks as a stream of better-than-expected earnings reports stoked a sense of optimism in the market and a willingness to take on more risk. However investors have paused from buying as fervently in recent sessions, anxious for more clarity on the economy.
“The markets are still looking for guidance,” said Stephen Platt, an analyst with Archer Financial Services. “There’s still a lot of uncertainty and a lot of people wanting to buy this market lower.”
Gold for December delivery inched up 40 cents to $956.30 an ounce on the New York Mercantile Exchange.
September silver added 11.5 cents to $13.99 an ounce, while platinum rose $31 to $1,217.90 an ounce.
September copper futures gained 2.3 cents to $2.5450 a pound.
On Wall Street, stocks wavered in a fairly narrow range throughout the session on the day’s news, pausing from a two-week rally that drove the major indexes up 11 percent.
Elsewhere on the Nymex, oil prices rose 33 cents to $68.38 a barrel. Prices are up 14 percent since July 10.
Gasoline futures rose 1.88 cents to $1.9347 a gallon, while heating oil futures rose 1.53 cents to $1.7966 a gallon.
Grain prices were mixed on the Chicago Board of Trade.
September wheat futures rose 4.25 cents to $5.2050 a bushel, while corn for September delivery added 6 cents to $3.2225 a bushel.
November soybeans fell 8.5 cents to $9.0650 a bushel.
Among other soft commodities, coffee rose while cocoa prices fell.
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