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Agoracom
The Small Cap Epicenter
The Small Cap Epicenter
AGORACOM WIRE - WEDNESDAY MAY 30TH, 2012
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Gold prices (GC-FT1,034.60-8.20-0.79%) fell to their lowest level in more than two weeks on Monday, taking a cue from currencies as the U.S. dollar jumped 1 per cent against the euro, with weak physical demand for the precious metal also weighing.
A suddenly resurgent U.S. dollar prompted selling across asset classes from equities to oil to other commodities. Profit taking was cited as gold had rallied in the past two months as the dollar steadily weakened.
Spot gold was at $1,037.90 (U.S.) an ounce at 2:53 p.m. EDT (1853 GMT), against $1,053.95 late in New York on Friday. Bullion hit a low of $1,038.25 earlier in the session – a price last seen on Oct. 7.
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Among other precious metals.
Spot silver (SI-FT16.73-0.37-2.14%) was at $17.08 an ounce against $17.65.
In a note, Bank of America Merrill Lynch said silver prices had benefited from strong investment demand, and that a recovery in economic activity was likely to be reflected in industrial silver buying.
Spot platinum (PL-FT1,326.70-19.10-1.42%) was at $1,335.50 an ounce against $1,358, while Palladium (PA-FT329.00-4.25-1.28%) was at $329.50 against $333.
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* Copper inventories rise but aluminium dips
LONDON, Oct 27 (Reuters) - Copper prices eased on Tuesday,
as the combination of fragile equity markets and rising
inventories fuelled economic and demand concerns, while a weaker
dollar provided some support.
Copper for three-month delivery on the London Metal
Exchange traded at $6,582 a tonne in rings from $6,613 at the
close on Monday and compared with a session low at $6,538.
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Other Base Metals
On Monday, aluminium touched a two-month high at $2,028.
Aluminum Corp of China Ltd (Chalco) , the world's
most valuable aluminium maker, returned to profit in the third
quarter on recovering demand and prices for the metal.
Steel-making ingredient nickel traded at $18,950 in
LME rings from $18,650.
Battery material lead was
untraded in official rings but last bid at $2,323 from $2,310.
.
Zinc traded at $2,342 a tonne from $2,315 and tin
was untraded in rings but last bid at $15,150 in LME
rings from $15,255. Zinc touched a 17-month high at $2,365.75 on
Monday as analysts cited improving physical demand.
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| 24 Hour Base Metals |
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