Metals prices up on falling dollar, rising crude
by Elaine Frei
Precious metals prices were higher in New York on Wednesday as the dollar fell to yet another record low versus the euro after analysts came to the conclusion that the program introduced by the Federal Reserve yesterday to put up to $200 billion into the monetary system will not solve the US economy’s problems.
April gold was up 4.70 to $980.70 per troy ounce around the close of floor trade in New York, while May silver gained 23 cents to $20 per troy ounce and April platinum jumped $15.40 to $2,067.80 per troy ounce.
Among base metals, meanwhile, May copper added 5 cents to $3.84 per pound in New York while three-month copper on the London Metal Exchange was up $130 to $8,405 per tonne on the session.
Investors bought copper and the other metals as a hedge against inflation as the dollar dropped and crude oil prices headed for yet another new high.
Related posts to: Metals prices up on falling dollar, rising crude
Gold prices fall in New York trade ...
Copper, other metals down on rising inventories ...
Aluminium down on rising inventories, weak demand ...
Metals up again ...
Gold peaks above $1,000 per troy ounce ...
Latest Metals News:
Gold ends session lower in New York, but gains on week Gold prices retreat after setting new intraday high Gold closes at $1,666 per ounce in New York trade Gold prices at new records on disappointing US data Gold prices lower but comes off session lows on manufacturing data Gold sets new intraday, closing highs to end trading week in New York Copper rises; precious metals prices see declines Gold prices drop on profit-taking, stronger US dollar $1,616.80 per troy ounce: Another record high for gold Gold trades as high as $1,624.30 per ounce in New YorkPrevious: « Hana Mining announces $2.5M private placement
Next: Minco Gold estimate for Changkeng Gold Project »
Visited 2973 times, 1 so far today