COMMODITIES - Market & Metal News - Charts - PMs
posted on
Sep 17, 2009 11:08AM
Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%
Gold hits 18-month high
LONDON - Gold prices hit 18-month highs for a second consecutive session on Thursday as the U.S. dollar slid to one-year lows versus the euro, fuelling buying of the precious metal as an alternative asset.
Traders said if dollar weakness persisted, the precious metal's previous record high of $1,030.80 (U.S.) an ounce was likely to fall, despite a lack of physical buying and slower demand for gold-backed exchange-traded funds.
Spot gold rose to $1,020.55 an ounce at 0932 GMT from $1,016.70 late in New York on Wednesday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $2.40 to $1,022.40 an ounce.
Industrial precious metals platinum , palladium and silver also rose, benefiting from a better outlook for industrial production. Platinum and palladium hit their best levels since September 2008, while silver reached a 13-month peak.Spot silver was bid at $17.51 an ounce against $17.35 on Wednesday.
Platinum, chiefly used in car manufacturing as an autocatalyst, built on recent gains to reach a one-year high of $1,348 an ounce.
ETF Securities said it saw an inflow of more than 8,500 ounces into its platinum-backed ETC on Wednesday.
Spot platinum was at $1,342 an ounce against $1,344.50, while palladium was at $300 against $296, a 12-month high.
LONDON - A weak U.S. dollar pushed copper higher on Thursday, and sent aluminum to a three-week high but gains were capped as rising inventories reflected weak demand.
Nickel, zinc and lead were at a one-week high, while gold prices rallied to their highest in 18 months as the euro hit a one-year high against the dollar, while European shares were up on renewed economic recovery hopes.
Aluminum rose $21 to $1,948. Earlier prices rallied to $1,957, their highest since Aug. 24, despite big deliveries in the last few days that have pushed LME stockpiles to a fresh record high of 4.629 million tonnes.
Zinc gained to $1,965 a tonne, versus $1,937.
Nickel rose to $17,750 from $17,250 while battery making material lead was firmer at $2,335 from $2,294 a tonne.
Tin was firmer at $14,700 a tonne from $14,600 a tonne.
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