LONDON: Gold was steady on Thursday, awaiting direction from currency markets, as the dollar fluctuated on weak US retail sales data and dollar-supportive comments from the European Central Bank.
Spot gold was bid at $1,138.75 an ounce at 1447 GMT, against $1,137.60 late in New York on Wednesday. Among other precious metals, silver was at $18.59 an ounce versus $18.59. Platinum group metals firmed, however, with platinum at $1,597 an ounce versus $1,574 and palladium up nearly 3 percent at $434.50 versus $421.50.
Copper rises: Copper rose on Thursday as concerns receded about potential monetary tightening in China, with investors regaining confidence demand would forge on in the world’s top industrial metals consumer.
Benchmark copper for three-months delivery on the London Metal Exchange traded at $7,530 a tonne at 1406 GMT, up from a close of $7,485 on Wednesday.
Among other industrial metals, aluminium traded at $2,341.25 from $2,294. Zinc traded at $2,545 from $2,489, while lead, used to make batteries, traded at $2,489 from $2,480.
Soldering metal tin was at $18,400 from $18,000, while stainless steel making ingredient nickel traded at $18,530 from $18,300. LME nickel stocks rose 1,902 tonnes to total 161,550 tonnes, a new record, but analysts said markets are continuing to discount the stock rise. reuters
