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 ...
Copper adds 17 cents per pound in New York ...
Jewellery demand may temper gold price ...
Silver adds 2.2 percent on week ...
Aluminium down on rising inventories, weak demand ...
Latest Metals News:
Copper gains on China news Copper, other metals prices hurt by US consumer confidence Copper prices up on US new home sales data Gold prices lower as US dollar gains on euro Copper gains on Europe manufacturing, US existing home sales data Gold up slightly ahead of Bernanke remarks, stress test results Copper up despite drop in US housing starts Copper gains on demand hopes Copper prices drop on data, demand worries Gold ends slightly higherPrevious: « Metso strengthens its mining equipment supply chain
Next: Wildcat closes $1.4 million private placement »
Visited 4045 times, 5 so far today