Gold recovers


LONDON - Gold rose in Europe on Friday, recouping some of the previous session's hefty 3.5 per cent losses, as the dollar ceded some ground after hitting a 3-1/2 month high against the euro in the previous session.

Spot gold was bid at $1,106.30 (U.S.) an ounce at 1003 GMT, against $1,097.80 late in New York on Thursday. U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange fell 10 cents to $1,107.30.

Prices have found good support around $1,080-1,100, analysts say, but they may be vulnerable to further losses through to year-end, especially if further dollar strength is seen.

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Among other precious metals.

Silver was bid at $17.22 an ounce against $17.13.

"Silver again looked to gold for direction (on Thursday), falling a similar 3 per cent to the yellow metal as steady offers were seen across the day," said TheBullionDesk analyst James Moore.

"The metal remains supported above $17/oz so far this morning and will be looking closely to both gold and the dollar in the coming sessions, with a failure to hold last week's low of $16.90 potentially leading to a deeper correction."

Platinum was at $1,432 an ounce against $1,421.

Palladium was at $366 against $359.

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Copper rises; tin hits 14-month high


LONDON - Copper rose on Friday, bouncing from the previous day's losses as the dollar retreated from multi-month highs against the euro.

Copper for three-months delivery on the London Metal Exchange traded at $6,908 (U.S.) a tonne at 1045 GMT from a close of $6,870 on Thursday.

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Record Aluminum Stocks

Aluminum traded at $2,250.25 from $2,220. LME stocks of the metal used in transport and packaging struck a record high above 4.6 million tonnes after climbing 1,375 tonnes.

Japan's primary aluminum buyers have agreed to roughly 7-13 per cent hikes in premiums for the first quarter of next year, to a 14-year high, as Japan's apparent aluminum demand has finally recovered close to levels seen before the financial crisis.

Zinc was at $2,440 from $2,391 and battery material lead was at $2,355.50 from $2,359.

Nickel was at $17,230 from $17,100. Stocks of nickel rose 768 tonnes to 148,458 tonnes, their loftiest level since 1994 and just 3,000 tonnes below record highs.

A slew of U.S. economic indicators released on Thursday painted a mixed picture, pointing to a steady economic recovery but a struggling labour market.

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24 Hour Base Metals

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