Gold adds value on weak dollar
by Elaine Frei
Gold prices were up Tuesday but other precious metals saw declines.
August gold added $4.30 to $891.50 per troy ounce on a weaker dollar and less chance that the Federal Reserve will hike US interest rates anytime soon after new reports showed US consumer confidence down and home prices 15 percent lower in April, having extended declines for 16 consecutive months.
July silver, however, was 13 cents lower to $16.67 per troy ounce while October platinum dropped $14.20 to $2,031.50 per troy ounce.
Among base metals, the price of copper declined on demand concerns after a new report showed that China’s refined copper imports were down 26 percent in May over April.
The price of copper was also hurt by the new consumer confidence data and home price news.
September copper was down 2 cents to $3.79 per pound in New York, while three-month copper dropped $15 to $8,385 per tonne, or $3.80 per pound, on the London Metal Exchange.
Add to Bookmarks:
Related posts to: Gold adds value on weak dollar
Gold adds over $10 on weak dollar ...
Jewellery demand may temper gold price ...
Gold/US dollar connection unravels ...
Gold up on weak dollar ...
Copper adds 17 cents per pound in New York ...
Latest Metals News:
BHP Billiton scraps plans to acquire Rio Base metals see more price declines Copper prices fall on inventories, US housing data Copper, aluminium gain after early declines Gold drops half a dollar in New York Copper pares gains on US retail data Copper, aluminium inventories continue to climb Alcoa delays expansion at Wagerup and cuts production Platinum, palladium down on auto sector problems China’s stimulus plan sends most metals higherPrevious: « Metso strengthens its mining equipment supply chain
Next: Wildcat closes $1.4 million private placement »
Visited 938 times, 6 so far today