LONDON: Gold slipped in afternoon trade on Tuesday, coming under pressure after the euro surrendered earlier gains against the dollar on worries about eurozone fiscal health.
Spot gold stood at $1,102.70 per ounce by 1506 GMT compared with $1,108.20 quoted late in New York on Monday when it hit a peak of $1,114.45, its strongest in almost two weeks. US gold futures for April delivery were $3.1 lower at $1,107.20 per ounce after also hitting their highest in almost two weeks on Monday.
On the investment front, the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,129.823 tonnes as of March 29, up 5.176 tonnes from the previous business day. Spot silver was bid at $17.25 per ounce from 17.32 late in New York on Monday, palladium at $470.50 from $471.00 an ounce and platinum at $1,614.00 from $1,620.50.
Copper at 19-month high: Copper hit a 19-month high on Tuesday on earlier gains by the euro and a rise in risk appetite but the market was waiting for further evidence of demand recovery to support the rally.
Benchmark copper for three-month delivery on the LME traded at $7,839 a tonne by 1536 GMT, from $7,770 at the close on Monday. Copper’s rally lifted aluminium, tin and zinc to multi-week highs. Copper, used in power and construction, touched $7,835 a tonne, as the euro hit a one-week high against the dollar on relief that debt-laden Greece was able to raise funds from the market.
Copper is on course for a 15 percent rise this quarter, and analysts see prices maintaining the upward trend from April, as economic activity improves. Aluminium hit $2,314 a tonne, its highest since January 19 and was last at $2,312 a tonne versus $2,283. LME stocks for the metal, used in transport and packaging, rose 30,075 tonnes to remain near all-time highs above 4.6 million.
Aluminium stocks hit a near nine-month low at 4.513 million tonnes on March 12. In other metals, steel making ingredient nickel rose to $24,251 a tonne, just below its 21-month high of $24,498 a tonne hit on Monday. Zinc rose to $2,390 a tonne, its highest in almost three weeks and traded at $2,380 a tonne from $2,332. Tin also gained to an over 2-week high and was last at $18,301 a tonne from $18,025. reuters
