The Associated Press
January 2, 2014

Gold rebounds after ending worse year since 1981

Gold prices started the New Year higher Thursday as the precious metal rebounded from its worst year since 1981.

The actively traded February contract for gold rose $22.90, or 2 percent, to $1,225.20 an ounce. Silver also rose sharply. The March contract jumped 75.8 cents, or 4 percent, to settle at $20.128 an ounce.

Gold fell 28 percent in 2013 as the Federal Reserve said it would start winding down part of its easy-money policies. The Fed’s bond purchases had helped send gold prices higher by getting investors worried about inflation.

In other metals trading, platinum for April delivery rose $30.80 or 2.2 percent, to $1,404.60 an ounce. Palladium for March delivery rose $11.95, or 1.7 percent, to $730.25 an ounce.

Copper for March delivery fell 1.5 cents, or 0.4 percent, to $3.3815 a pound.

Oil prices fell sharply on expectations of higher global supplies and as the U.S. dollar strengthened. Crude for February delivery dropped $2.98, or 3 percent, to $95.44 a barrel.

In other energy futures trading, wholesale gasoline fell 9.1 cents to close at $2.695 a gallon, heating oil fell 7.8 cents to close at $2.987 a gallon and natural gas futures for February rose 9.1 cents to close at $4.321 per 1,000 cubic feet.

In March agricultural contracts, wheat fell 8.25 cents to $5.97 a bushel, corn fell 1.5 cents to $4.205 a bushel and soybeans fell 22.5 cents to $12.70 a bushel.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>