LONDON: Gold dipped on Tuesday on falling oil prices, with trading thin ahead of a slew of economic data from the US and before the Christmas holiday. Spot gold was at $844.75/846.75 an ounce at 1141 GMT, compared with $847.10 an ounce late in New York on Monday, and is little changed from its close in 2007 of $833.20 an ounce. Dealers said confirmation of a 0.5 percent fall in final US third-quarter GDP data could drive more investors into bullion, which has rallied 12 percent in just over two weeks as risk-averse investors seek out a safe haven to end a tumultuous 2008. Spot platinum rose to $853.00/858.00 from $848.50, spot palladium was at $170.5/175.5 from $170.00, while silver was at $10.78/10.86 versus $10.81.
Copper slides: Copper eased 1.5 percent on Tuesday as investors shrugged off China’s smaller-than-anticipated interest rate cut, as concerns over demand due to a worsening economic outlook returned. Aluminium rose to a high of $1,585 but was last at $1,563 from $1,555. LME stocks jumped 34,650 tonnes to 2.23 million tonnes — a reminder of weaker demand for the metal — and a 14-year high. Nickel was at $10,225 from $10,300 at the close on Monday, lead at $918 from $908 and zinc at $1,181 from $1,180. Tin drifted $5 lower to $10,300. reuters
