LONDON: Gold prices rose from lows on Wednesday, climbing back towards Tuesday’s 2010 high, as reports of a multi-billion euro aid package for Greece failed to allay concerns over the euro zone’s fiscal health.
Spot gold was bid at $1,167.15 an ounce at 1428 GMT, against $1,168.03 late in New York on Tuesday. US gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose $6.30 to $1,168.50 an ounce.
Holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, hit a record 1,146.825 tonnes on Tuesday, up 0.609 tonnes. Platinum hit its lowest in a week on Wednesday at $1,695 an ounce, down 2 percent from Friday. It was later at $1,704 an ounce against $1,715.50 late on Tuesday. Palladium was at $537.50 an ounce against $545.50, while silver was at $17.85 against $18.14.
Eurozone debt concerns knock copper, aluminium: Industrial metals fell for a second day on Wednesday, with copper dropping to a one-month low after the dollar hit a one-year high versus the euro and investors fretted over Greece and Portugal’s debt problems.
Aluminium fell to its lowest in two months, after a 7.1 percent slump in the previous session, its biggest one-day fall in at least five years. Tin and zinc dropped to a one-month low, and nickel fell to its lowest in two weeks. Copper for three-month delivery on the London Metal Exchange was $7,392 a tonne by 0856 GMT, after falling to $7,373 a tonne, its lowest in over a month and versus a close of $7,490 a tonne on Tuesday. LME aluminium was among the hardest hit in the sell-off, dropping to a two-month low of $2,110 a tonne. It was last at $2,120 a tonne, versus $2,150 a tonne on Tuesday.
Steel-making ingredient nickel was at $24,925, after hitting a two-week low at $24,750, while battery material lead traded at $2,227 from $2,300. Zinc traded at $2,293 a tonne from $2,361 and tin was at $17,800 from $18,550. It earlier touched a one-month low of $17,600. reuters
