Friday, June 28, 2013 5:37 pm
Gold, silver recover; energy prices edge lower
By The Associated Press
It was the first gain for gold after four straight losses. Traders have been dumping gold since last week after the Federal Reserve laid out a possible exit from its bond-buying program. The prospect of the program ending helped allay traders' fear of inflation and diminished the appeal of gold.
August gold rose $12.10, or 1 percent, to close at $1,223.70 an ounce. Gold is still down 9 percent since last Wednesday, when the Fed made its announcement.
Silver for July delivery jumped 91.8 cents, or 5 percent, to $19.451 an ounce. Silver is down 3 percent since the Fed news.
July platinum rose $11.70, or 0.9 percent, to $1,336.90 an ounce and September palladium rose $10, or 1.5 percent, to $660.70 an ounce. July copper fell 0.2 cents, or 0.1 percent, to $3.0505 a pound.
Crop prices were lower. The actively traded contract for wheat delivered in September fell 16 cents to $6.5775 a bushel. Corn for December delivery fell 27.5 cents to $5.11 a bushel. Soybeans for November delivery fell 23.25 cents to $12.52 a bushel.
Crude oil fell 49 cents to $96.56 a barrel.
In other energy trading on the New York Mercantile Exchange, heating oil fell 1 cent to $2.88 a gallon, natural gas fell 2 cents to $3.57 per 1,000 cubic feet and wholesale gasoline rose 1 cent to $2.75 a gallon.