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Gold closes at three-week high as New Year brings more investor interest

foodbusinessnews 2017-01-05
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Gold futures jumped Tuesday, closing at a three-week high as investor interest surged in the precious metal. The February contract moved up $10.30, closing at $1,162 an oz.

Major U.S. equity indices moved higher Tuesday in a volatile session, the first trading day of the New Year, which saw financial company and health care shares move higher. The Dow Jones Industrial Average climbed more than 119 points, closing at 19,881.76. The Standard & Poor’s 500 Index gained 19 points, closing at 2,257.83. The Nasdaq Composite Index rose about 46 points, closing at 5,429.08.

The value of the U.S. dollar against the euro was higher Tuesday.

Crude oil futures fell Tuesday on a stronger dollar and doubts that major producing countries will follow through on an agreement to constrain output. The February contract moved down $1.39, closing at $52.33 a barrel.

Corn futures advanced Tuesday on short-covering while wheat and most soy complex futures declined on a stronger dollar and indications more soybeans may be planted this spring than last. Chicago March wheat fell 1½c, closing at $4.06½ a bu, Kansas City March moved down 4½c, closing at $4.14 a bu, and Minneapolis March edged down ½c, closing at $5.37½ a bu. March corn rose 3¾c, closing at $3.55¾ a bu. March soybeans sank 9c, closing at $9.95 a bu. March soybean meal lost $4.50, closing at $312.10 a ton. March soybean oil ended up 0.15c, closing at 34.57c a lb.

Recap for Dec. 30

Corn and wheat futures ended modestly higher Friday while the soy complex declined amid light volume and little fresh news. Chicago March wheat rose 3¼c, closing at $4.08 a bu, Kansas City March moved up 3¼c, closing at $4.18½ a bu, and Minneapolis March gained 2½c, closing at $5.38 a bu. March corn rose 2¼c, closing at $3.52 a bu. March soybeans sank 8¾c, closing at $10.04 a bu, March soybean meal lost $2.40, closing at $316.60 a ton. March soybean oil ended down 0.13c, closing at 34.66c a lb.

Major U.S. equity indices declined Friday on the final trading day of 2016 as the post-election rally continued to lose steam. The Dow Jones Industrial Average lost more than 57 points, closing at 19,762.60. The Standard & Poor’s 500 Index fell more than 10 points, closing at 2,238.83. The Nasdaq Composite Index sank about 49 points, closing at 5,383.12.

The value of the U.S. dollar against the euro was lower Friday.

Gold futures fell Friday in quiet dealings at year’s end amid expectations of further central bank rate increases sometime in 2017. The February contract moved down $6.40, closing at $1,151.70 an oz.

Crude oil futures edged down Friday amid large stockpiles in light end-of-year trading when many market participants were out of the office. The February contract moved down 5c, closing at $53.72 a barrel.

Recap for Dec. 29

The value of the U.S. dollar against the euro was lower Thursday.

Gold futures jumped Thursday, posting their biggest daily gain in nearly three months, on weakness in the U.S. dollar. The February contract moved up $17.20, closing at $1,158.10 an oz.

Corn and wheat futures advanced Thursday on a weaker U.S. dollar while soy complex futures declined. Chicago March wheat gained 3¼c, closing at $4.04¾ a bu, Kansas City March moved up 5¾c, closing at $4.15¼ a bu, and Minneapolis March rose 4¾c, closing at $5.35½ a bu. March corn advanced 1½c, closing at $3.49¾ a bu. January soybeans lost 3½c, closing at $10.03¼ a bu, January soybean meal fell $1.40, closing at $314.80 a ton. January soybean oil ended down 0.34c, closing at 34.52c a lb

Crude oil futures edged down Thursday on fresh data indicating an unexpected increase in U.S. crude stockpiles. The February contract moved down 29c, closing at $53.77 a barrel.

Major U.S. equity indices declined Thursday as the post-election rally showed signs of fading with the coming end of the calendar year. The Dow Jones Industrial Average fell almost 14 points, closing at 19,819.78. The Standard & Poor’s 500 Index lost less than 1 point, closing at 2,249.26. The Nasdaq Composite Index sank more than 6 points, closing at 5,432.09.

Recap for Dec. 28

Corn, wheat and soy complex futures turned lower Wednesday on strength in the U.S. dollar, which can discourage exports, and on ample domestic and global supplies of grains and oilseeds. Chicago March wheat dropped 8c, closing at $4.01½ a bu, Kansas City March declined 9¼c, closing at $4.09½ a bu, and Minneapolis March lost 8¼c, closing at $5.30¾ a bu. March corn fell 6¾c, closing at $3.48¼ a bu. January soybeans dropped 8c, closing at $10.06¾ a bu. January soybean meal fell $1.60, closing at $316.20 a ton. January soybean oil lost 0.26c, closing at 34.86c a lb.

Major U.S. equity indices declined Wednesday in part on weakness in technology and real estate company shares. The Dow Jones Industrial Average fell more than 111 points, closing at 19,833.68. The Standard & Poor’s 500 Index declined about 19 points, closing at 2,249.92. The Nasdaq Composite Index lost about 49 points, closing at 5,438.56.

Gold futures advanced slightly Wednesday mainly on bargain hunting, reversing losses from earlier in the session. The February contract gained $2.10, closing at $1,140.90 an oz.

Crude oil futures advanced Wednesday on continued anticipation of global crude oil production cutbacks in January. The February contract rose 16c, closing at $54.06 a barrel.

The value of the U.S. dollar against the euro was higher on Wednesday.

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