LONDON: Gold rose on Wednesday as the dollar dipped after Singapore effectively revalued its currency, and as upbeat US corporate earnings boosted appetite for currencies seen as higher risk.
Other precious metals also rose, with palladium hitting a new two-year high at $548.50 an ounce as investors bet supply would fail to keep pace with a demand recovery this year.
Spot gold was bid at $1,153.15 an ounce at 1425 GMT, against $1,150.15 late in New York on Tuesday.
US gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose 20 cents to $1,153.60 an ounce.
Among other precious metals, palladium hit another two-year high on Wednesday. Palladium was at $538.50 an ounce against $526, while platinum was at $1,720.50 an ounce against $1,714. Silver was bid at $18.33 an ounce against $18.18.
Copper up: Copper rose to flirt with the $8,000 level on Wednesday as a combination of fund buying and dollar weakness supported base metals ahead of eagerly awaited Chinese economic growth data.
By 1009 GMT, copper for three-months delivery on the London Metal Exchange traded at $7,940 a tonne from $7,900 at the close on Tuesday, just off the session high at $7,968. Aluminium traded at $2,443 versus $2,436 and earlier touched its highest level since September 2008 at $2,462.
Among other metals, steel ingredient nickel traded at $25,827 from $25,525 and earlier hit $25,990, its highest since May 2008, while battery material lead was at $2,332 from $2,370. Lead LME inventories jumped 6,850 tonnes to 180,425 tonnes — its highest level since April 2003.
Zinc traded at $2,404 a tonne from $2,390 and tin was at $18,815 from $18,610. reuters
