LONDON: Gold prices steadied on Monday as a retreat from earlier highs in the euro-dollar exchange rate prompted investors to cash in gains after the metal’s rise to a four-month peak at $1,168.70 an ounce earlier in the session.
Spot gold was bid at $1,160.45 an ounce at 1339 GMT, against $1,159.00 late in New York on Friday. US gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose 10 cents to $1,162.00 an ounce. Investment interest in gold was strong, with holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, rising to a record 1,141.041 tonnes on Friday.
Industrial precious metals platinum and palladium rose, with platinum hitting its highest since Aug. 2008 at $1,735 an ounce before easing back to $1,726.50 an ounce against $1,712, and palladium peaking at a two-year high of $519.75. It was later bid at $515 against $510. Silver hit its highest since Jan. 20 at $18.58 and was later bid at $18.41 an ounce against $18.35.
Copper hits 20-month high: Copper reached a 20-month high on Monday due to a stronger euro, investment demand and robust import figures from China, the world’s top metals consumer.
Copper for three-months delivery on the London Metal Exchange rose to $8,043.75 a tonne, its highest since Aug 1, 2008.
Three-month prices have rallied to $2,431 a tonne, their highest since October 1, 2008. Zinc was at $2,434 a tonne from $2,415 a tonne. Tin was at $18,750 from $18,740 a tonne, while lead was at $2,341 a tonne from $2,330. Nickel rose to $25,650 a tonne from Friday’s $25,200. reuters
