Gold, silver, crude oil all up

| May 1, 2006 | 0 Comments

Precious metals and crude oil both saw price hikes on Monday to start off the new month.

Gold for immediate delivery added over 1 percent to $661.50 per troy ounce, yet another 25-year high, before easing back to $659.60/$660.60 per troy ounce in late morning New York trade, a gain of 25 percent since the beginning of the year. June delivery gold was up by 1.1 percent to $661.60 per troy ounce on Comex after having reached $664 per troy ounce earlier in the day.

July delivery silver added 34 cents to $13.95 per troy ounce on Comex, while immediate deliveries gained 1.9 percent to $13.98 per troy ounce. The price of silver is up more than 50 percent since the beginning of the year.

West Texas Intermediate crude on the New York Mercantile Exchange added 47 cents to $72.35 per barrel on the day, while Brent crude on the International Petroleum Exchange was up 79 cents to $72.81 per barrel. Prices were up not only on continuing concerns about the ongoing situations in Iran and Nigeria, but also after news of a refinery fire in Italy.

According the AAA, at the pump regular unleaded gasoline prices are averaging $2.919 per gallon in the US, 30 percent higher than they were a year ago but less than their peak in September of 2005. Nevertheless, prices in several states have gone above $3 per gallon.

Elsewhere, June heating oil was up 1.51 cents to $2.028 per gallon.

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