Gold ushered to record high
LONDON - Gold powered to a record high on Wednesday, topping the previous day's gains, as U.S. dollar weakness and mounting worries about potential inflation enticed more investors to the precious metal.
Spot gold hit a historic $1,048.20 (U.S.) an ounce and was at $1,046.60 an ounce by 1003 GMT, versus $1,040.85 quoted late in New York on Tuesday. U.S. December gold futures hit a new peak of $1,049.70 an ounce.
Other precious metals benefited from bullion's rally with palladium hitting $313.50 an ounce, its highest since August 2008 while palladium rose to a two-week high and silver climbed to a three-week high.
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Among other precious metals, silver rose to $17.49 an ounce, its highest since September 17, and was last at $17.43 an ounce versus $17.32 an ounce last quoted in New York on Tuesday.
Platinum climbed to $1,338 an ounce, its highest since September 23 and was last at $1,332 an ounce from $1,313.50 an ounce.
Silver was little changed at $17.44 on Wednesday, moving closer to a 13-month peak of $17.63 in the middle of September but nearly 19 per cent below its record high of $21.24 from March 17, 2008, the same time gold last peaked.
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Copper flat on demand unease
LONDON - Copper was flat on Wednesday as Chinese holidays limited activity, with a weak U.S. dollar providing some support and demand concerns weighing on sentiment.
By 0955 GMT, copper for three month delivery on the London Metal Exchange was at $6,135 (U.S.) a tonne from $6,116 at the close on Tuesday and compared with a session low at $6,040.25.
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In other metals
Aluminum rose $14 to $1,836. Inventories in the metal, used in transport and packaging, fell 2,700 tonnes but remain near record levels above 4.5 million tonnes.
Nickel,steel making ingredient traded at $18,465 from $18,130 while battery material lead was at $2,174 from $2,150.
Zinc traded at $1,937 a tonne from $1,921 and tin edged up to $14,700 from $14,595.
The latest LME data showed that a dominant position holds more than 90 per cent of stock warrants and cash contracts in tin. The premium for cash material over the three-month future is currently at $325 a tonne.
