Metals Futures Mixed; Oil Rises on Storm Threat

October 5, 2013

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.

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