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Feb
9
Gold turns higher, copper rallies…
February 9, 2010 | Leave a Comment
LONDON: Gold prices turned higher in Europe on Monday, rising back above $1,070 an ounce, as the dollar’s retreat versus the euro boosted the metal’s appeal as an alternative asset.
Spot gold was at $1,072.40 an ounce at 1608 GMT versus $1,065.55 late in New York on Friday, having earlier touched a high of $1,073.50. In the last session it slid to $1,043.75, its lowest since Nov 2, as the euro fell on fears over the outlook for some euro zone economies.
US gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $18.50 to $1,070.70 an ounce. From a technical perspective, resistance near the $1,050 level held on Friday, preventing a move down towards the 200-day moving average near $1,020 an ounce. A breach of this area would lead to a sharper sell-off, analysts said. Among other precious metals, silver was at $15.16 an ounce from $15.11 an ounce, platinum at $1,477.50 from $1,479.50 and palladium at $401.50 from $402.50.
Copper bounces: Copper rallied on Monday as investors and consumers, seeing bargain prices and believing in the stronger China demand story, piled in.
Benchmark copper on the London Metal Exchange traded at $6,386 a tonne at 1515 GMT from $6,265 at the close on Friday. Earlier on Monday the metal, used in power and construction, touched $6,475 a tonne. Aluminium traded at $2,000 from versus $1,980 on Friday. LME stocks of the metal, used in transport and packaging, fell 7,450 tonnes to 4.58 million tonnes.
Zinc touched a high of $2,053 a tonne and traded at $2,005 from $1,940 on Friday, while battery material lead was at $1,949 compared with $1,940. Steel-making ingredient nickel traded at $17,031 from $17,005, and tin at $15,250 from $15,350.