Monday, April 7, 2008

Gold futures recover

Gold futures recovered from midmorning weakness to close higher Thursday, as oil bounced from its early low and the dollar gave back its initial strength.

Gold continued a recovery from an "oversold" condition earlier in the week.

June gold rose $9.40 to settle at $909.60 a troy ounce on the Comex division of the New York Mercantile Exchange. May silver rose 30 cents to $17.48 an ounce.

In other metals trading, July platinum rose $48.30 to $2,012.90 an ounce. The metal was helped by influences such as worries that electrical shortages could persist some time in the key platinum-producing nation of South Africa, thus affecting mining operations there, a trader said.

June palladium rose $3.65 to settle at $447.40 an ounce, and the most-active May copper contract climbed 2.4 cents to finish at $3.9015 a pound.

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