Oil, gold futures rise; grains and copper fall

AP News
Posted: Apr 22, 2013 5:38 PM

Gold and silver closed higher as traders cautiously shifted money back into precious metals following a rout last week.

The actively traded contract for June delivery of gold rose $25.60, or 1.8 percent, to close at $1,421.20 an ounce Monday.

Last week gold had its biggest plunge since 1983 following tame inflation data from the U.S. and fears in the market that distressed European countries like Cyprus might start selling their gold reserves to finance their bailout packages.

Silver rose 1.6 percent. The May contract gained 36.4 cents to settle at $23.324 an ounce. May copper edged down 1.75 cent to $3.131 a pound.

July platinum rose $12.90 to $1,436.80 an ounce and June palladium rose $4.85 to $681.90 an ounce.

In energy trading, oil rose 75 cents to $88.76 a barrel. Gasoline was flat at $2.77 per gallon and heating oil added 2 cents to $2.81 a gallon. Natural gas fell 14 cents to $4.27 per 1,000 cubic feet.

Grain and bean futures fell.

July wheat fell 9 cents to $7.025 a bushel, July corn fell 9.5 cents to $6.235 a bushel and July soybeans fell 18.25 cents to $13.6425 a bushel.