LONDON: Gold trimmed earlier gains on Wednesday, as the euro fell broadly but the metal managed to hold its ground as worries about Greece’s fiscal problems spurred some safe-haven buying.
Spot gold was at $1,141.75 an ounce by 1504 GMT, versus $1,139.50 an ounce late in New York on Tuesday. It hit a two-week low of $1,123.15 on Monday. US gold futures for June delivery advanced to $1,142.6 an ounce, after settling at $1,139.20 on the COMEX division of the New York Mercantile Exchange. The star performer of the precious metals complex remains the platinum group metals. They have risen by 39 and 18.5 percent respectively so far this year, compared with gold’s 4.4 percent.
Spot platinum rose to $1,737.50 an ounce, its highest since August 2008 and was at $1,728.50 an ounce, versus $1,714 an ounce. Palladium hit a two-year high at $568 an ounce, and was last at $564 an ounce versus $549 an ounce. Silver was at $17.92 an ounce from $17.81 an ounce.
Copper down: Copper prices fell more than one percent on Wednesday as the euro declined versus the dollar on renewed concerns about the fiscal health of Greece, but robust Chinese imports data helped restrict losses. At 1426 GMT, copper for three-months delivery on the London Metal Exchange was traded at $7,723.50 a tonne from a close of $7,790 on Tuesday. Earlier this month the metal used in power and construction hit a 20-month peak of $8,010. Aluminium traded at $2,348 a tonne from $2,385. From a technical perspective, LME aluminium prices are on the way lower toward $2,293 per tonne since the rebound appears to be over.
Zinc was at $2,430 a tonne from Tuesday’s last quote of $2,448/2,450 and battery material lead was traded at $2,313 a tonne from $2,345
Tin was traded at $19,005 a tonne from $19,250 and nickel was at $26,555 a tonne from $27,285. reuters
