Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Sunday 07th of September 2008
Monday, December 3, 2007

Precious metals gain but base metals see declines

Precious metals gain but base metals see declines

Precious metals were higher in New York on Monday on declines in the US dollar, which dropped on the possibility of a cut in US interest rates and on slowing growth in the US manufacturing sector.

February gold was $5.90 higher to $795 per troy ounce, but gains were limited by oil prices that continue to decline.

March silver added 6 cents to $14.22 per troy ounce, while January platinum gained $17.30 to $1,461.40.

Among base metals, copper was particularly hurt by the declines in the manufacturing sector and by the prospect of a continuing slowing of the US economy and by ongoing gains in London Metal Exchange inventories.

In New York, March copper dropped 11 cents to $3.08 per pound, while three-month copper in London fell $150 to $6,850 per tonne or $3.11 per pound.

Among other industrial metals in late London trade aluminium was down $39 to $2,463 per tonne while lead dropped $95 to $2,965 per tonne and nickel fell $345 to $26.750 per tonne.

Zinc was also lower, to $2,495 per tonne, and tin fell to $16,750 per tonne.

 

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