LONDON: Gold climbed in Europe on Thursday, building on gains that took it to a 6-1/2 month high in the previous session, as risk aversion fuelled investor demand for bullion and gold-backed exchange traded funds. Skip related content
Gold priced in sterling and gold futures in India hit an all-time high, adding to record peaks recorded for bullion on Wednesday in euro, Canadian dollar and Swiss franc terms. Spot gold was quoted at $942.60/944.60 an ounce at 12:49 p.m., up from $938.35 an ounce late in New York on Wednesday. The metal hit a peak of $953.30 that day, its highest since July 2008.
Gold prices rallied soon after the opening of the New York market, suggesting heavy buying.
Among other precious metals, spot silver was quoted at $13.39/13.47 an ounce, against $13.49. Holdings of the largest silver-backed ETF, the iShares Silver Trust are currently at an all-time high of nearly 7,607 tonnes. Spot platinum was at $1,076/1,084 an ounce against $1,067, while spot palladium was at $213.50/217.50 an ounce against $212.
Copper falls: Copper fell on Thursday, after a deal on a US stimulus package failed to impress and the market focused on slumping demand and on news aluminium group Chinalco will invest $19.5 billion in miner Rio Tinto.
Copper for three months delivery on the London Metal Exchange fell as low as $3,365 a tonne and was at $3,395 a tonne in open outcry trade, versus $3,459 a tonne on Wednesday.
Aluminium, used in transport and packaging, was down $16 at $1,383 a tonne, while key stainless steel ingredient nickel fell to $10,250/10,255 from $10,405. Zinc, used to galvanise steel, was down at $1,144/1,144.5 a tonne from $1,167 while lead fell to $1,145/1,150 from $1,170 and tin gained slightly to $11,000/11,050 from $10,900. reuters
