Zinc gains 1.8 percent on prediction

New geopolitical tensions triggered by North Korea’s claimed nuclear test had an effect on the metals markets Monday, with gold adding 0.4 percent to $575.80 per troy ounce. The gain in the price of gold led other precious metals higher. Silver gained 2.4 percent to $11.36 per troy ounce, while palladium was 1.4 percent higher to $300 per troy ounce and platinum advanced 0.8 percent to $1,082 per troy ounce as volumes were up after last week’s holiday in China.

Base metals were mixed on the session. Copper was 0.4 percent higher to $7,492 per tonne, while zinc added 1.8 percent to $3,655 per tonne on a prediction of a market deficit both this year and next by the International Lead and Zinc Study Group. Lead was slightly weaker, trading at $1,412 per tonne, while nickel dropped 0.2 percent to $29,450 per tonne after going as high as $30,250 per tonne earlier in the session, a new record.