LONDON: Gold rose in Europe on Thursday as the world’s largest gold-backed exchange-traded fund’s holdings set a record and Wednesday’s equity rally fizzled out, boosting the appeal of gold as a safe investment.
Spot gold rose to $913.15/ $914.15 an ounce at 1054 GMT from $906.65 late in New York on Wednesday. Among other precious metals, spot silver was at $12.84/ 12.91 an ounce against $12.75 late in New York on Wednesday. Spot platinum edged down to $1,047/1,052 an ounce against $1,050, while spot palladium was a touch firmer at $195.50/199.50 an ounce against $195.
Copper slides: Copper slid on Thursday to its lowest level in more than a week as inventories rose and Chinese industrial production data heightened demand worries.
Benchmark copper on the London Metal Exchange traded at $3,526 a tonne in official rings, versus $3,590 at the close on Wednesday. Aluminium was untraded in official rings, but was quoted at $1,336/1,337 from $1,340 on Wednesday.
Nickel traded at $9,650 from Wednesday’s last bid at $9,795, tin at $10,550 versus $10,740. Zinc traded at $1,215 from $1,242 at the close on Wednesday and lead at $1,235 from $1,271. reuters
