Gold edged higher on Tuesday, supported by safe-haven buying and firmer oil prices, but traders largely stuck to the sidelines ahead of a major economic stimulus plan due to be announced in the United States. Spot gold was quoted at $898.80/900.80 an ounce at 1237 GMT, against $895.00 an ounce late in New York on Monday. Among other precious metals, platinum broke back above $1,000 an ounce to trade at $1,029.50/1,034.50 an ounce, against $988 late in New York on Monday. Palladium rose to $210.50/214.50 an ounce from $205, while silver was at $12.99/13.07 an ounce against $12.83. Copper eases: Copper eased on Tuesday ahead of a keenly awaited US stimulus package, as the market fretted about slumping industrial activity. Three-month copper on the London Metal Exchange was at $3,490 a tonne at 1153 GMT, compared with $3,576 at the close on Monday when it rose to $3,669 a tonne, its highest in more than two months. Nickel dropped more than 6 percent to $10,799 a tonne, its lowest in more than a week, as fears about demand resurfaced and sentiment sagged in industrial metals markets, traders said. It traded at $10,801 a tonne at 1154 GMT compared with $11,505 at the close on Monday. Copper prices jumped about 12 percent last week on optimism about a pick-up in demand from China, the world’s biggest user of the metal. Aluminium prices were at $1,426 a tonne from $1,452. Lead dropped to $1,150 from $1,195, zinc to $1,164 from $1,200, and tin to $11,150 from $11,230. reuters

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