From 2 days ago
LONDON: Gold rose to a new 6-1/2 week high of $958.70 an ounce in Europe on Monday as the dollar weakened, prompting investors to buy into hard assets such as bullion, while firmer oil prices provided further support.
The metal remains in a range of $945-960 an ounce, with strong technical resistance towards the $960 mark and weakness in jewellery and investment demand capping gains.
Spot gold was bid at $956.45 at 1203 GMT, against $950.35 late in New York on Friday. US gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $3.50 to $956.60 an ounce.
Among other precious metals, silver tracked gold higher to break through $14 an ounce for the first time since June 30. It was bid at $14.02 an ounce against $13.86. Platinum was at $1,204.50 an ounce against $1,185, while palladium was flat at $258.50 an ounce.
Copper prices surge: Copper prices surged to 10-month highs on Monday, boosted by growing optimism about economic growth and demand in China, the world’s largest consumer of industrial metals.
Three-month aluminium on the London Metal Exchange rose to $1,855 a tonne, a gain of more than 40 percent since February and the highest since November last year, as worries about short-term supplies mounted. Copper hit a session high of $5,646 a tonne. It was untraded in the rings, but bid at $5,625 compared with $5,520 at the close on Friday.
Aluminium traded at $1,846 a tonne from $1,807 at the close on Friday. Nickel hit $17,000 a tonne, the highest in 10 months. The stainless steel ingredient traded at $16,950 from $16,750. Zinc, used to galvanise steel, also hit a 10-month high of $1,740 a tonne. It was at $1,736.50 from $1,692 on Friday, lead traded at $1,800 a tonne from $1,750 and tin at $14,775 from $14,550. reuters
LONDON: Gold rose to a new 6-1/2 week high of $958.70 an ounce in Europe on Monday as the dollar weakened, prompting investors to buy into hard assets such as bullion, while firmer oil prices provided further support.
The metal remains in a range of $945-960 an ounce, with strong technical resistance towards the $960 mark and weakness in jewellery and investment demand capping gains.
Spot gold was bid at $956.45 at 1203 GMT, against $950.35 late in New York on Friday. US gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $3.50 to $956.60 an ounce.
Among other precious metals, silver tracked gold higher to break through $14 an ounce for the first time since June 30. It was bid at $14.02 an ounce against $13.86. Platinum was at $1,204.50 an ounce against $1,185, while palladium was flat at $258.50 an ounce.
Copper prices surge: Copper prices surged to 10-month highs on Monday, boosted by growing optimism about economic growth and demand in China, the world’s largest consumer of industrial metals.
Three-month aluminium on the London Metal Exchange rose to $1,855 a tonne, a gain of more than 40 percent since February and the highest since November last year, as worries about short-term supplies mounted. Copper hit a session high of $5,646 a tonne. It was untraded in the rings, but bid at $5,625 compared with $5,520 at the close on Friday.
Aluminium traded at $1,846 a tonne from $1,807 at the close on Friday. Nickel hit $17,000 a tonne, the highest in 10 months. The stainless steel ingredient traded at $16,950 from $16,750. Zinc, used to galvanise steel, also hit a 10-month high of $1,740 a tonne. It was at $1,736.50 from $1,692 on Friday, lead traded at $1,800 a tonne from $1,750 and tin at $14,775 from $14,550. reuters
