LONDON: Gold climbed two percent to a one-week high on Friday, in tandem with a stronger euro, after robust euro area economic data dented the dollar’s appeal and made bullion cheaper for non-US investors.
Spot gold rose as high as $957.65 an ounce, its highest since Aug 14 and was at $954.00 an ounce by 1308 GMT, versus $939.35 quoted late in New York on Thursday. US gold futures for December delivery rose $14.60 to $956.30 per ounce.
In other metals, platinum edged up to $1,238.50 an ounce from $1,236.50 an ounce. Dealers said that prices may find support depending on developments in South Africa, the world’s top producer of the precious metal. Silver rose 2 percent to $14.18, following gold and base metals, while palladium was unchanged at $272.00.
Copper rises: Copper rose to a one-week high on Friday as the dollar weakened and as expectations that fundamentals will improve overshadowed concerns about monetary tightening in China, the world’s largest consumer of the metal.
Copper for three-months delivery on the London Metal Exchange traded at $6,146 a tonne in midday rings from a close of $6,049 on Thursday. Earlier, the metal used in power and construction rose more than three percent to $6,239 a tonne, its highest since Aug 14.
Among other industrial metals, aluminium traded at $1,936 a tonne from $1,906. Earlier the metal used in transport and packaging hit $1,872, its lowest since late July. Global daily average primary aluminium output excluding China fell in July to 63,100 tonnes, but Chinese production rose to 1.088 million tonnes, data from the International Aluminium Institute (IAI) showed on Thursday.
Zinc traded at $1,835 from $1,804, battery material lead was last bid at $1,865 from $1,820, while tin traded at $13,975 from $13,800. Nickel traded at $19,450 from $18,875. reuters
