LONDON: Gold was little changed in Europe on Tuesday as buyers took a break after the metal’s rally to an 11-month high above $1,000 an ounce last week.
Spot gold was at $989.15/990.75 an ounce at 1013 GMT from $990.95 in New York late on Monday. Among other precious metals, spot silver was steady at $14.41/14.47 an ounce from $14.41. Holdings of the iShares Silver Trust, the world’s largest silver-backed ETF, rose two percent or 153 tonnes to a record 8,180 tonnes on Monday.
Spot platinum edged up to $1,079/1,084 an ounce from $1,071, while spot palladium climbed more than 5 percent to $205/210 an ounce from $195.50, in a correction after the previous session’s 8 percent fall.
Aluminium at 7-year low: Aluminium plunged to its lowest price in more than seven years on Tuesday as physical stocks of the metal rose to a record and tumbling global equity markets stoked concerns about crumbling demand.
Copper also fell after inventories of the metal climbed to the highest since late 2003. Aluminium for delivery in three months on the London Metal Exchange fell to a low of $1,279 a tonne before recovering to $1,286 by 1034 GMT from $1,288 on Monday.
Copper for three-month delivery fell to $3,203 a tonne from $3,231 at the close on Monday. Zinc fell to $1,081 from Monday’s close at $1,098 a tonne. Key stainless steel ingredient nickel eased to $9,425 from $9,550 a tonne. Battery material lead dropped to $995 from $1,020, and tin fell to $10,300 from $10,405 a tonne. reuters
