Metals Futures Mixed; Oil Rises on Storm Threat
NEW YORK (Oct 5) Gold and silver prices edged lower Friday and crude oil rose as rig operators in the Gulf of Mexico braced for a storm.
Traders were keeping a close eye on the partial shutdown of the U.S. government, which entered a fourth day Friday. Investors are concerned that a prolonged shutdown could hurt demand for energy.
Gold for December delivery edged down $7.70 to $1,309.90 an ounce. December silver fell 3.4 cents to $21.752 an ounce.
Copper, palladium and platinum futures rose.
December copper rose 3.25 cents to $3.301 a pound, January platinum rose $14.70 to $1,388 an ounce and December palladium rose $1.75 to $701.95 an ounce.
Crude oil for November delivery rose 53 cents to $103.84 in New York as offshore oil rigs in the Gulf braced for Tropical Storm Karen.
In other energy trading, wholesale gasoline fell 3 cents to $2.61 per gallon, natural gas rose 1 cent to $3.51 per 1,000 cubic feet and heating oil was flat at $3.00 per gallon.