Gold edges higher a day after a steep drop; Oil up

AP News
Posted: Dec 20, 2013 5:27 PM

NEW YORK (AP) — Gold edged higher Friday, a day after plunging below $1,200 an ounce for the first time in three years.

The actively traded February contract rose $10.10, or 0.8 percent, to $1,203.70 an ounce.

Gold had dropped $41 the day before after the Federal Reserve said it would scale back its massive bond-buying program next month. The Fed's stimulus had driven many investors to bid up gold prices out of fear that it would cause inflation.

Silver for March delivery rose 26.7 cents, or 1.4 percent, to $19.453 an ounce.

Other metals also rose. High-grade copper for March delivery increased 1.25 cents, or 0.4 percent, to $3.3080 a pound. March palladium rose $2.45, or 0.4 percent, to $698.75 an ounce and January platinum rose $13.80, or 1 percent, to $1,332.20 an ounce.

Benchmark U.S. oil rose 28 cents to close at $99.32 a barrel. Oil rose 3 percent over the course of the week following several positive signs on the U.S. economy.

In other energy futures trading, wholesale gasoline rose 4 cents to close at $2.78 a gallon, heating oil rose 4 cents to close at $3.07 a gallon and natural gas dropped 4 cents to $4.42 per thousand cubic feet.

Hold The Damn Vote Already
Derek Hunter

Crop prices rose.

Corn for March delivery rose 2.75 cents, or 0.6 percent, to $4.3325 a bushel, January soybeans rose 12 cents, or 0.9 percent, to $13.39 a bushel. March wheat rose 2.75 cents, or 0.5 percent, to $6.135 a bushel.