Commodity Blog

Archive for October 6th, 2009

Platinum and palladium advanced as gold climbed to a record after the dollar weakened, boosting appeal the metals a hedge against inflation. Some investors purchase precious metals to preserve their buying power. January futures for platinum delivery advanced $23.50 (1.8 percent) to $1,325.30 per ounce on the New York Mercantile Exchange. December futures for palladium delivery climbed $7 (2.3 percent) to $310.30 per ounce in New York.

Gold jewelers, the biggest users of the metal, will have a hard time compensating high metal price during year-end holiday sales. Jewelers have to lower their prices as sales suffered after they tried to rise prices for jewelry. Gold gained $5.86 (6 percent) to $1,023.16 per ounce at 10:51 in London.

Latest commodity prices (ICE, NYMEX, CME) as of 18:05 GMT:

Oil (Brent) — $68.57
Gold — $1,036.78
Silver — $17.18
Palladium — $304.00
Platinum — $1,300.10
Copper — $6,085.00
Aluminum — $1,816.00
Nickel — $18,105.00
Zinc — $1,915.00
Cocoa — $3,202.00
Sugar — $23.67
Corn — $357.50
Soybean — $33.69