LONDON: Gold rose to one-week highs on Thursday, supported by its safe-haven appeal in a eurozone debt crisis but with gains capped as equities and the euro bounced from recent lows.
Spot gold was at $1,214.95 an ounce by 1444 GMT, up from $1,209.90 late in New York’s on Wednesday. The precious metal has risen by about three percent so far this week and hit a session high of $1,218.35, its highest since May 19.
Palladium jumped nearly six percent to a one-week high of $462 an ounce, as analysts said recent losses in the metal had been overdone.
Also supportive to gold, the world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings totalled 1,267.626 tonnes as of May 26, from 1,267.322 tonnes a day earlier, setting a fresh record high. US gold futures for June delivery edged slightly higher to $1,214 an ounce.
Palladium traded at $460.50 against $436.50. Platinum was at $1,540.50 an ounce against $1,518.50 and spot silver was bid at $18.45 an ounce against $18.01.
Copper up: Copper rose on Thursday as fears about eurozone debt eased and investors eyed a firmer euro and gains in wider financial markets including oil and equities.
Benchmark copper on the London Metal Exchange was trading at $6,899 a tonne at 1408 GMT from a close of $6,779 on Wednesday. Prices of the metal used in power and construction hit a session high of $6,937.75 earlier on Thursday.
Indicating still good demand, LME copper stocks fell 1,275 tonnes to 477,775 tonnes, their lowest point since December, while aluminium stocks dropped 3,525 tonnes to 4.56 million tonnes, having fallen consistently since last Wednesday.
Aluminium traded at $2,039 from $2,015, zinc at $1,912 from $1,890, while battery material lead traded at $1,799 from $1,755 from an earlier high of $1,834. Tin traded at $17,700 from $17,575, and nickel at $21,355 from $21,115. reuters
