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Copper rises near 15-month highs, Gold prices rally over 1% to around $1,100 an ounce

LONDON: Gold prices rallied over one percent on Thursday to around $1,100 an ounce as the dollar fell and due to robust investment flows in anticipation of higher bullion prices.

Spot gold was at $1,099.55 an ounce by 1330 GMT, versus $1,087 an ounce late in New York on Wednesday. Bullion tumbled to a seven-week low of $1,074.10 an ounce earlier this week.

Analysts said the price moves were partly exaggerated due to low liquidity because of the Christmas holiday period, but the fundamentals that sent gold to an all-time high of $1,226.10 an ounce in early December were intact.

US gold futures for February delivery rose 1.1 percent to $1,106.40, compared with $1,094.00 an ounce on the COMEX division of the New York Mercantile Exchange. Futures also hit a seven-week low of $1,075.20 on Tuesday.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,132.708 tonnes as of Dec 23, unchanged from the previous business day and staying just below a record high of 1,134.03 tonnes hit on June 1. The world’s largest silver-backed exchange-traded fund, iShares Silver Trust, said its silver holdings stood at 9,492.97 tonnes as of Dec 23, unchanged from the previous business day, after easing from a record high of 9,514.35 tonnes on Dec. 22.

Among other precious metals, spot silver was bid at $17.24 an ounce against $17.09. Platinum and palladium rose by nearly three percent and over five percent respectively after the SEC said on its website that orders were granted to approve a proposed rule change for ETFS Platinum and Palladium Trusts to list and trade shares.

Platinum was at $1,454 ounce against $1,418.50, while palladium was at $372.50 against $355.50.

Copper high: Copper rose near 15-month highs on Monday, underpinned by the dollar’s first fall in five sessions, supply concerns and expectations demand will improve next year.

Zinc hit a fresh 21-month high, tin a 14-month high and nickel a two-month high despite stocks of the metal in LME warehouses hitting their highest ever levels.

Benchmark copper for three-months delivery on the London Metal Exchange traded at $7,110 a tonne in official rings from a close of $7,000 on Wednesday.

Nickel inventories at London Metal Exchange-registered warehouses climbed 1,836 tonnes on Thursday to hit their highest ever level at 152,400 tonnes. Prices of the metal were little affected by the news. Stainless steel making ingredient nickel traded at $18,750 in rings from $18,425, having earlier hit $18,900, its highest level in two months. Elsewhere, zinc traded at $2,531 a tonne from $2,539, having earlier hit $2,551, a level not seen since mid-March last year.

Sister metal lead, used to make batteries, was last bid at $2,359.50 from $2,332, while tin was last bid at $16,100 from $16,025, having earlier hit $16,200, a level not seen since early October last year. Aluminium, used in transport and packaging, traded at $2,250 from $2,256. reuters

http://www.dailytimes.com.pk/default.asp?page=2009\12\25\story_25-12-2009_pg5_32