LONDON: Gold rose nearly one percent on Wednesday, bouncing off from a seven-week low struck in the previous session as the dollar lost ground and physical demand offered some support to prices.
Spot gold was bid at $1,092.20 an ounce at 1553 GMT, against $1,083.55 late in New York on Tuesday, when it tumbled to $1,074.10 an ounce, its lowest since Nov 3. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,132.708 tonnes as of Dec 22, unchanged from the previous business day.
London’s ETF Securities said holdings of its gold-backed exchange-traded products fell half a percent to 7.778 million ounces on Tuesday from 7.821 million ounces the day before.
US gold futures for February delivery on the COMEX division of the New York Mercantile Exchange firmed $6.2 to $1,092.90 an ounce.
Spot silver was bid at $17.12 an ounce against $16.96. Platinum was at $1,405 an ounce against $1,393, while palladium was at $357 against $352.50.
Copper rises: Copper climbed nearly one percent on Wednesday as US economic data bolstered the demand outlook for metals while a looming strike in Chile at one of the world’s top copper mines also supported the price.
Copper for three-months delivery on the London Metal Exchange traded at $6,933 a tonne at 1034 GMT from a close of $6,881 on Tuesday. The metal, used in construction, has hit a 14-month high above $7,100 a tonne in early December.
Aluminium traded at $2,261.75 a tonne from $2,242. Zinc was at $2,468 from $2,434. Battery material lead was at $2,329 from $2,306 and tin was unchanged at $15,825. Nickel was at $18,131 from $17,750. reuters
