LONDON: Gold prices extended gains on Tuesday as traders bought into the metal as a currency hedge amid weakness in the US dollar, with a larger-than-expected rise in US producer prices also fuelling gains.
Spot gold was bid at $925.10 an ounce at 1311 GMT, against $920.00 an ounce late in New York on Monday. US gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $2.70 to $925.20 an ounce.
Silver recovered from the previous session’s 10-week low to rise in gold’s wake. Silver was at $12.89 an ounce against $12.82.
Platinum was at $1,125.50 an ounce against $1,110, while palladium was at $235 against $233.
Copper scales one-week highs: Copper scaled one-week highs on Tuesday, as the dollar weakened and gains in equities reflected a more upbeat mood on prospects for demand and economic growth.
Copper for three month delivery on the London Metal Exchange was at $5,010 a tonne at 1431 GMT from $4,895 at the close on Monday. Among other industrial metals, aluminium rose to $1,600 from $1,561. LME inventories remain at record levels above 4.4 million tonnes. Steel making ingredient nickel was at $15,475 from $14,725 while battery material lead was at $1,598 from $1,555. Zinc added $1,492 a tonne from $1,440. Tin was at $12,851 from $12,300. reuters
