LONDON: Gold steadied on Friday, reversing earlier losses, as oil prices swung higher and the dollar pared gains against the euro, supporting interest in the metal as a currency hedge.
Spot gold was bid at $938.80 an ounce at 1435 GMT, against $936.35 an ounce late in New York on Thursday. U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $3.50 to $938.90 an ounce. Elsewhere silver was at $13.43 an ounce against $13.27. The ratio of gold to silver eased to 70.8 on Friday, after rising to nearly 73 on Monday. At the height of gold and silver’s rally on June 3, it fell as low as 60.1. Platinum was at $1,172 an ounce against $1,160.50, having earlier reached its highest level since July 6, while palladium was at $245 against $245.50.
Copper dips: Copper dipped on Friday, giving back some of the week’s solid. Copper for three-months delivery on the London Metal Exchange traded at $5,232 a tonne in official rings, from a close of on $5,260 on Thursday. Copper stocks at LME warehouses rose 3,275 tonnes to 264,150 tonnes. But levels have roughly halved from around 500,000 tonnes in late February. Aluminium was at $1,699 from $1,690. Earlier, the metal used in transport and packaging hit $1,718, the highest since early December 2008. Cancelled warrants — material tagged for delivery – rose to 152,500 tonnes from 138,100 tonnes. Zinc traded at $1,546 in LME rings from $1,549, battery material lead was last bid at $1,621 from $1,620. Nickel was last bid at $15,950 from $16,100. Tin was last bid at $12,950 from $13,025. reuters
