Commodities mostly higher; traders eye Washington

AP News
Posted: Oct 14, 2013 5:20 PM

Commodities prices mostly rose Monday as traders kept a close eye on the talks in Washington aimed at avoiding a U.S. government default.

Gold and silver inched up. Many traders expect precious metals prices to jump if a deal isn't reached and investors park their money in safe-haven assets.

December gold rose $8.40 to $1,276.60 an ounce Monday. Silver for December delivery rose 9.5 cents to $21.354 an ounce.

In other metals trading, high-grade copper for December delivery rose 3.4 cents to $3.303 a pound. December palladium rose $1.95 to $715.25 an ounce.

January platinum rose $7.90 to $1,383.50 an ounce.

Energy prices were mixed. Oil has been fluctuating as hopes build and then diminish for a deal to extend the U.S. government's borrowing authority and to end a partial shutdown of the federal government.

Crude for November delivery rose 39 cents to close at $102.41 a barrel in New York.

In other energy trading, wholesale gasoline remained unchanged to close at $2.67 a gallon, natural gas rose 4 cents to close at $3.82 per 1,000 cubic feet and heating oil fell less than a penny to close at $3.03 a gallon.

Corn, soybeans and wheat futures closed slightly higher.

Corn for December delivery rose 3.75 cents to $4.37 a bushel, November soybeans rose 6.25 cents to $12.73 a bushel as well and December wheat rose a quarter of a cent to $6.925 a bushel.