Gold eases from record high
LONDON - Gold eased in Europe on Friday, consolidating after hitting record highs for three straight sessions, as an indication from the U.S. Federal Reserve chief that monetary policy may be tightened lifted the U.S. dollar.
Spot gold was bid at $1,046.10 an ounce at 0938 GMT against $1,054.00 late in New York on Thursday and opening up a gap on its record this week of above $1,060 an ounce.
U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange fell $8.80 to $1,047.50.
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Among other precious metals.
Silver also retreated from the 14-month high at $17.92 an ounce it hit on Thursday, tracking the dollar and gold prices. Spot silver was at $17.56 an ounce against $17.72.
Spot platinum was at $1,335 an ounce against $1,344.50, while palladium was at $322.50 against $318. The metal used in autocatalysts hit a peak of $323, its highest since mid-August, earlier on Friday.
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Copper dips as demand, inventory worries weigh
LONDON - Copper eased on Friday to drift away from three-week highs hit in the previous session, as concerns over demand and inventory levels hit sentiment.
By 0939 GMT, copper for three month delivery on the London Metal Exchange fell to $6,270 (U.S.) a tonne from $6,330 at the close on Thursday and compared with a session low at $6,240.
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In other metals.
Aluminum shed $12 to $1,897. LME inventories in the metal, used in transport and packaging, dipped 7,950 tonnes but remained in touching distance of record levels above 4.6 million tonnes.
Nickel, steel making ingredient traded at $19,100 from $19,495 while battery material lead was at $2,262 from $2,285.
Zinc traded at $2,052.25 a tonne from $2,080 and tin was at $14,750 from $14,945.
Investors in tin, used in electrical solder, remain concerned about supplies because of a dominant position controlling more than 90 per cent of cash warrants on LME stocks
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Oil prices fall to near $71
VIENNA - Oil prices fell to near $71 (U.S.) a barrel Friday, giving up part of the previous day's big gains, as the U.S. dollar rebounded - making commodities more expensive for investors.
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| Gold & PGM Prices |
| Oct 9 2009 7:50AM NY Time |
| dd |
Change |
| Gold |
1047.80 |
-0.67% |
| Platinum |
1337.00 |
-0.59% |
| Palladium |
320.00 |
+0.31% |
| Rhodium |
1500.00 |
+0.00% |
|
