Gold, other metals rise; Oil prices fall
NEW YORK — Prices for gold and other metals rose slightly Wednesday, but other commodities finished mixed as investors assess the latest batch of corporate earnings reports.
Investors have been keeping close watch on companies’ quarterly results, looking to glean clues on where the economy is headed.
The latest reports offered investors both upbeat and disappointing news. Apple Inc. reported better-than-expected earnings and sales, as demand for its laptops and iPhones soared. But other companies, like Whirlpool Corp. and Advanced Micro Devices Inc., showed the recession is still taking a toll.
Commodities have been fairly range-bound in recent weeks as investors await clearer signals on when the economy might recover. Other markets like stocks and currencies, which often influence the direction of commodities, have also been less volatile in recent days.
“One of the reasons why prices are holding relatively steady around these levels is we have seen other markets hold steady as well,” said Carlos Sanchez, an analyst with CPM Group in New York.
Gold for August delivery rose $6.40 to $953.30 an ounce on the New York Mercantile Exchange, while September silver rose 22.2 cents to $13.70 an ounce.
Among base metals, September copper futures gained 7.45 cents to $2.5255 a pound. Aluminum rose 1.9 percent.
Metals came under some pressure Tuesday after Federal Reserve Chairman Ben Bernanke said inflation would remain low as the economy gradually emerges from recession. Gold is often used by traders as a hedge against inflation, and other metals often trade in line with gold.
Oil prices dipped on the Nymex after a government report showed U.S. fuel supplies are growing, even as prices at the pump remain far below last year’s levels — another sign that energy demand remains low.
Light, sweet crude for September delivery slid 21 cents to settle at $65.40 a barrel.
In other Nymex trading, gasoline futures rose 2.63 cents to $1.8383 a gallon and heating oil rose 1.28 cents to $1.7112 per gallon.
Natural gas for August delivery added 8.8 cents to settle at $3.793 per 1,000 cubic feet.
Grain prices were mixed on the Chicago Board of Trade.
September wheat futures lost 12.75 cents to $5.22 a bushel, while corn for September delivery slipped 3.5 cents to $3.08 a bushel.
November soybeans added 3 cents to $9.08 a bushel.
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