NEW YORK (TheStreet) -- Phil Streible, senior market strategist at Lind-Waldock, says that gold prices are ignoring news out of China, for now, but that consistent rate hikes could drag on prices over the long term.
Monday, December 27, 2010
Copper Surges on China Inventory; Gold Higher While Crude Declines
Commodities finished mixed with copper futures hitting a new record and gold logging gains. Oil futures ended floor trading in the red.
Crude oil for February delivery finished down $0.51, or 0.6%, to $91 a barrel. In other energy futures, heating oil ended down 0.74% to $2.52 a gallon while natural gas fell 0.83%, to $4.04 per million British thermal units.
Meanwhile, gold notched gains while copper remained the standout in the metals market by hitting a fresh record settlement.
Gold for February delivery finished up 0.2% to $1,382.90 an ounce. In other metal futures, silver was down 0.15% to $29.28 a troy ounce while copper rose 0.41% to $4.28 a pound.
The U.S. dollar index (DXY) is down 0.18% to $80.35.
Crude oil for February delivery finished down $0.51, or 0.6%, to $91 a barrel. In other energy futures, heating oil ended down 0.74% to $2.52 a gallon while natural gas fell 0.83%, to $4.04 per million British thermal units.
Meanwhile, gold notched gains while copper remained the standout in the metals market by hitting a fresh record settlement.
Gold for February delivery finished up 0.2% to $1,382.90 an ounce. In other metal futures, silver was down 0.15% to $29.28 a troy ounce while copper rose 0.41% to $4.28 a pound.
The U.S. dollar index (DXY) is down 0.18% to $80.35.
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