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Message: Daily - COMMODITIES - Market & Metal News - Charts - Au new High - FE
Gold hits record highs near $1,120
London - Gold hit record highs near $1,120 an ounce on Wednesday as a dollar index fell to 15-month lows, with expectations that a U.S. economic recovery will be erratic seen keeping American interest rates low for a while.
The metal is now poised for more gains, analysts said, with the weak dollar helping gold build on a rally that began last week after the IMF sold 200 tonnes of bullion to India's central bank, raising the prospect of more official sector buying.
Oil prices rose to near $80 a barrel as the effects of a weaker U.S. dollar trumped a report pointing to a rise in U.S. oil inventories.
Spot gold hit a high of $1,117.05 an ounce and was at $1,114.80 at 1154 GMT versus $1,105.30 late on Tuesday.
U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $12.70 to $1,115.20 an ounce.
London - Gold hit record highs near $1,120 an ounce on Wednesday as a dollar index fell to 15-month lows, with expectations that a U.S. economic recovery will be erratic seen keeping American interest rates low for a while.
The metal is now poised for more gains, analysts said, with the weak dollar helping gold build on a rally that began last week after the IMF sold 200 tonnes of bullion to India's central bank, raising the prospect of more official sector buying.
Oil prices rose to near $80 a barrel as the effects of a weaker U.S. dollar trumped a report pointing to a rise in U.S. oil inventories.
Spot gold hit a high of $1,117.05 an ounce and was at $1,114.80 at 1154 GMT versus $1,105.30 late on Tuesday.
U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $12.70 to $1,115.20 an ounce.
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Among other precious metals.
Spot Silver was bid at $17.59 an ounce against $17.32, tracking gold higher.
Platinum was at $1,365 an ounce against $1,349.50.
Palladium was at $336.65 against $331.50.
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Copper falls, inventories hit demand outlook
* Macro data improving but inventory levels worry
* Strikes lend support to cap copper losses
LONDON, Nov 12 (Reuters) - Copper eased on Thursday on
increased demand concerns after London stock levels broke
through the 400,000 tonne level, but traders said the market
lacked a strong direction.
By 1050 GMT, copper for three month delivery on the
London Metal Exchange fell to $6,520 a tonne from $6,540 at the
close on Wednesday and compared with a session low at $6,495.
LME copper stocks continued to rise, indicating demand has
yet to recover outside China. The latest data climbed 4,800
tonnes to total 402,125 -- the highest since late April.
Nickel inventories were above 131,730 tonnes, the highest
since early 1995.
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Base Metals
Aluminium traded at $1,962 from $1,964,. fell 3,150 tonnes to
4.53 million tonnes to continue a recent trend downwards.
Nickel traded at $16,605 from $16,850.
Lead was at $2,290 from $2,304.50.
Zinc traded at $2,184.50 a tonne from $2,184.
Tin was at $14,765 from $14,725.
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Looking ahead, a volatile ride awaits the ferro-alloys
industry next year when Chinese demand is set to play an
increasingly vital role, delegates at the international
ferro-alloys conference in Monte Carlo said.
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