LONDON: Gold eased on Thursday after hitting 18-month highs earlier in the day. Spot gold was at $1,014.20 an ounce at 1307 GMT against $1,016.70 late in New York on Wednesday, having earlier touched a high of $1,023.85. Among other precious metals, platinum and palladium hit their highest levels since September 2008 and silver hit a 13-month peak, because of a better industrial output outlook. Silver hit a peak of $17.63 as base metals took on a firmer tone. The ratio of gold to silver has fallen to 58.4 from around 64.5 a month ago. Spot silver was bid at $17.32 an ounce against $17.35 on Wednesday. Spot platinum was at $1,334.50 an ounce against $1,344.50, having touched a 12-month high of $1,348, while palladium was flat at $296 an ounce.
Copper falls on demand worries: Copper fell nearly one percent, erasing earlier gains on Thursday. Aluminium touched a three-week high earlier. Copper for three months delivery on the LME fell to $6,350 a tonne in the open outcry trade, versus Wednesday’s $6,415 a tonne and compared with an earlier high of $6,470 a tonne. Aluminium rose $20 to $1,947. Zinc rose to $1,944 a tonne, versus $1,937. Nickel rose to $17,525 from $17,250 while battery making material lead fell to $2,261 from $2,294 a tonne. Tin edged down to $14,595 a tonne from $14,600 a tonne. reuters
The bull prices of Silver is starting and hopefully will continue to last.
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