LONDON: Gold rose in Europe on Friday as the euro rebounded against the dollar after euro zone leaders agreed to create a financial safety net with the IMF for debt-laden Greece, and as physical demand rose.
Spot gold was bid at $1,093.35 an ounce at 1424 GMT, against $1,090.35 late in New York on Thursday. US gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose 70 cents to $1,093.60. Meanwhile holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, rose 4.568 tonnes on Thursday to 1,124.647 tonnes, their highest since Jan. 5. It rose by the same amount on Tuesday.
Among other precious metals, silver was at $16.70 an ounce against $16.56, platinum was at $1,592 an ounce versus $1,597 and palladium at $453 against $450.50.
Copper at 2-week high: Copper hit a two-week high on Friday due to improved risk appetite and a weak dollar after eurozone leaders agreed on a plan to help Greece with its debt burden.
Benchmark copper for three-month delivery on the London Metal Exchange was untraded in official rings but last bid at $7,530 a tonne from $7,435 at the close on Thursday. Copper, used in power and construction, hit a session high of $7,570. Copper stocks fell 1,900 tonnes to 516,925 tonnes — its lowest level since early January, having peaked at 555,075 tonnes in mid-February — its highest since October 2003. Stocks of aluminium, used in transport and packaging, slipped 6,975 tonnes to remain near record highs at 4.57 million tonnes but down from 4.61 million tonnes hit on March 17.
Aluminium traded at $2,233 in LME rings versus $2,222. Steel making ingredient nickel traded at $23,625 — its highest since June 2008 — from $22,825, while tin was untraded but last bid at $17,750 from $17,600. Battery material lead was untraded in LME rings but last bid at $2,115 from $2,077, with LME data showing lead stock rose 250 tonnes to 172,250, their highest since mid-2003. Zinc was at $2,268 a tonne in LME rings from $2,245. reuters
