Gold falls below $1,060

New York, London - Gold fell below $1,060 (U.S.) an ounce Tuesday as the dollar rebounded from its weakest level in 14 months against the euro, clipping interest in the metal as a hedge against a falling U.S. currency.

Gold's recent movements were largely led by currency markets, as investors fretted over economic uncertainty after governments and central banks pumped massive liquidity to battle recession.

Platinum and palladium also pared gains after reaching their highest in more than a year, buoyed by earlier strength in gold prices and supply concerns.

Spot gold at $1,056.60 an ounce at 2:59 a.m. ET, against $1,062.70 late in New York on Monday. Earlier, the precious metal touched a session high of $1,067.70 an ounce, close to the record high of $1,070.40 it hit last week.

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Spot silver was at $17.53 an ounce against $17.78.

Platinum and palladium both rose to their highest in more than a year, with platinum hitting a 13-month high of $1,376 an ounce and palladium reaching a peak of $335.50, its firmest since August 2008.

Spot platinum was at $1,347 an ounce against $1,355.50, while palladium was at $334.50 against its previous session's late quote of $332

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Copper eases off 13-month peak

London - Copper hit 13-month peaks Tuesday as the weak U.S. dollar propelled commodities higher, before a recovery in the currency led to profit-taking in a market that had risen 7 per cent this month alone.

Zinc, used for galvanizing steel, touched a 16-month high of $2,155 (U.S.) a tonne on the London Metal Exchange, bolstered by a strike at a Volcan mine in Peru. It ended at $2,128 a tonne, up $16 from Monday and almost 10 per cent higher since the start of October.

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Aluminum , used in transport and packaging, ended at $1,913 a tonne against $1,945, having earlier touched $1,970, its best level since mid-September.

Tin ended at $14,400 from $14,550.

Steel-making ingredient nickel finished at $18,850 from $19,275 while battery material lead ended at $2,299 from $2,288.

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24 Hour Base Metals

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Gold & PGM Prices

Oct 21 2009 7:58AM NY Time dd Change Gold 1049.90 -0.46% Platinum 1343.00 -0.37% Palladium 330.00 -1.20% Rhodium 1600.00 +0.00%