Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Saturday 04th of July 2009
Tuesday, August 19, 2008

Gold prices rise on interest rate sentiment

Gold prices rise on interest rate sentiment

Most metals prices were higher Tuesday, with gold gaining on declines in the US dollar after early gains, leading to sentiment that the Federal Reserve might hold interest rates at 2 percent rather than raising them.

Decemeber gold added $11.10 to $816.80 per troy ounce in New York trade, While December silver held steady at $13.22 per troy ounce.

Among base metals, nickel was up $1,320 to $19,395 per tonne in London on the news that Xstrata (LSE: XTA) will close a mine in the Dominican Republic, tightening supplies.

A prediction from Citigroup (NYSE: C; TYO: 8710) that copper supplies will remain tight through at least 2010 sent the metal used in home construction higher as well, with December copper adding 12 cents to $3.43 per pound in New York while three-month copper was up $220 to $7,575 per tonne on the London Metal Exchange.

Aluminium added $22 to $2,777 per tonne while zinc was up $86 to $1,746 per tonne, lead was $105 higher to $1,800 per tonne, and tin gained over $400 trade in a range around $19,750/$19,780 per tonne.

 

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