Gold, Other Metals End Lower; Oil Prices Rise


Gold and other metals closed lower. Crude oil rose to almost $100 a barrel, as traders worried that growing unrest in Egypt might lead to disruptions in the flow of oil from the Mideast.

Gold for August delivery lost $12.30, or 1 percent, to settle at $1,243.40 an ounce Tuesday. Most other metals also fell.

Silver for July delivery fell 26.20 cents, or 1.3 percent, to $19.298 an ounce. July platinum fell $12.90, or 0.9 percent, to $1,366.30 an ounce, and July copper fell 1.3 cents, or 0.4 percent, to $3.1420 a pound.

September palladium rose $2.20, or 0.3 percent, to $688.90 an ounce.

The price of crude oil rose as Egypt’s political crisis deepened, raising worries that the flow of oil from the Mideast might be jeopardized. Protesters have taken to the streets in Cairo for a third straight day to demand the ouster of Egyptian President Mohammed Morsi. Egypt’s army has said it plans to suspend the country’s constitution and dissolve its legislature if the situation isn’t resolved.

Oil rose $1.61, or 1.6 percent, to $99.60 a barrel in New York. It was as high as $99.87 at one point. Crude last crossed $100 a barrel on Sept. 14.

In other energy futures trading, natural gas gained 8 cents to end at $3.65 per 1,000 cubic feet, heating oil added 3 cents to finish at $2.90 per gallon, and wholesale gasoline rose 5 cents to end at $2.78 per gallon.

Crop prices were mixed.

Wheat for September delivery rose 3.25 cents to $6.5825 a bushel. Corn for December delivery rose 1.50 cents to $5.0275 a bushel. Soybeans for November delivery fell 0.75 cents to $12.4250 a bushel.