Gold hits 1-mth low, copper down 4 percent

January 14, 2009

LONDON: Gold hit one-month lows on Tuesday on a firmer dollar, weaker oil and faltering demand, but bargain hunting limited further losses.

Gold was quoted at $814.20/$815.60 an ounce at 1032 GMT, down from $819.35 an ounce in New York late on Monday, but off a one-month low of $813.80 an ounce. Gold prices have fallen around six percent so far in January, after rising eightg percent in December.

Platinum was quoted at $927/$937 an ounce, down from $956.00 at the New York close. Silver was trading at $10.55/$10.63 an ounce versus $10.62 an ounce on Monday, while palladium was at $180.00/$188.00 from $184.00.

Copper down 4%: Copper fell four percent on Tuesday, dragging all industrial metals lower, after a source said China’s State Reserves Bureau (SRB) was in no hurry to restart its copper buying programme and as demand worries continued.

Three-month London Metal Exchange copper fell to a low of $3,120 a tonne from $3,250 on Monday. It was trading down at $3,165 a tonne in official rings.

Copper stocks in LME warehouses rose 5,350 to a five-year high of 374,850 tonnes.

Aluminium producer Alcoa Inc, which has announced output cuts, posted a fourth-quarter loss on Monday, on lower demand and declining metal prices. Aluminium stocks rose 10,950 tonnes to 2.43 million tonnes, the highest level since September 1994. Lead fell 8.5 percent to a low of $1,070.25 from $1,170 a tonne. It was down $77 at $1,093 in official rings.

Nickel dropped as low as $10,180 from $10,725. It was down $300 in official rings.

Zinc fell $43 to $1,212 a tonne, while tin was last bid at $11,200 from $11,500. reuters

To buy Hallmarked 999.9 Pure Swiss Gold Bars, Gold Bullion, Gold Ingots & 916 Gold Coins in Singapore or convert your 916 Physical Gold to physical 999.9 Pure Swiss Gold Bars, Click on Buy Gold to find out more. You may Sell Gold to us too.

[ Back To Home ]