Commodities : Friday, Aug. 21, 1987 : Metals Futures Advance
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Precious metals futures advanced on the Commodity Exchange in New York Friday, responding to a sharp weakness in the dollar.
On other markets, oil fell below $19 a barrel; cattle futures were mostly higher while pork was mostly lower; and most grain and soybean prices advanced.
Traders said news of a downward revisioninthe second-quarter gross national product pushed the dollar sharply lower.
The revision was attribued to an unanticipated worsening of the U.S. trade deficit in June, and some observers said this could signal a greater long-term trade imbalance.
Gold settled $3.50 to $3.60 higher with the contract for delivery in August at $456.90 an ounce; and silver was 17.5 cents higher with September at $7.675 an ounce.
Also supporting metals were reports that the mineworkers strike in South Africa appears to be far from being settled, said Joel Karlin, an analyst with Research Department Inc. in Chicago.
The largest mining company in South Africa fired 4,000 striking black miners and threatened to dismiss 16,000 more if they didn’t return to work Monday.
“But the metals ignored crude oil,” which continued its downward slide, said Karlin.
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