Gold holds above $1,050

LONDON - Gold rose above $1,050 (U.S.) an ounce on Monday, wiping out most of the previous week's losses, as dollar weakness made bullion cheaper for holders of other currencies.

Spot gold rose to $1,052 an ounce at 1102 GMT, compared with New York's notional close of $1,044.40, erasing its 1-per cent loss from the week before.

Last week gold registered its first weekly loss since the week of Sept. 25, after dollar weakness had helped spur four consecutive weeks of gains.

The U.S. dollar drifted lower against a basket of major currencies. The euro bid at $1.4765.

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Silver traded at $16.50 from $16.27.

Platinum was at $1,329 from $1,322.5.

Palladium was at $322.50 from $318.5.

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Copper up on strong Chinese manufacturing data

LONDON - Copper prices rose above $6,500 (U.S.) on Monday, underpinned by a weaker U.S. dollar and strong manufacturing data from China, with investors at the sidelines ahead of U.S. manufacturing data.

Benchmark copper on the London Metal Exchange traded at $6,522 a tonne at 1021 GMT from a close of $6,480 on Friday, when the metal fell nearly 3 per cent after mixed economic data raised concerns over the pace of global recovery.

Data released overnight showed HSBC's China Purchasing Managers' Index (PMI) rose to an 18-month high in October from September, pointing to sustained strength in the country's manufacturing sector. The numbers helped offset Friday figures which showed U.S. consumer spending fell in September and sentiment turned gloomier in October.

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Among other industrial metals.

Aluminum, used in transport and packaging, was flat at $1,910, having earlier hit a two week-low $1,885.

LME stocks of the metal fell 3,500 tonnes but held near a record 4.5 million tonnes.

Battery material lead was at $2,296 from $2,305.

Tin was flat at $14,700.

Nickel was down at $18,155 from $18,250 amid a 2,706 tonne rise in LME stocks to 129,528 tonnes.

Zinc, used to galvanize steel, was up at $2,185 from $2,160, recovering from falls Friday when data that showed Shanghai zinc stocks surged to 145,536 tonnes from 117,706 in the prior week.

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24 Hour Base Metals

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