Gold hits new high before decline to modest gain

Most metals prices were higher Wednesday as the US dollar weakened once again, but platinum and zinc prices both fell on the session.

December gold was $1.80 higher to $1,141.20 per troy ounce in New York trade, but it fell back from a record high of $1,153.40 per troy ounce, reached earlier in the session, while December silver added 3 cents to $18.42 per troy ounce but January platinum dropped $10.50 to $1,452 per troy ounce.

Among base metals, March copper traded around Tuesday’s levels to close at $3.14 per pound in New York, while three-month contracts in London added $54 to $6,880 per tonne on the weaker dollar and on hopes that demand will recover.

Gains for copper, however, were limited by more gains in inventories and on disappointing data on US housing starts, which were reported down by 10.6 percent in October.

One of the most common uses for copper is in the construction industry.

Lead added $18 to $2,403 per tonne in London, while aluminium was up $29 to $2,065 per tonne after going as high as $2,095 per tonne earlier, tin was $245 higher to $15,195 per tonne and nickel gained $300 to $17,200 per tonne.

Zinc dropped $15 to $2,248 per tonne as stockpiles added 15,650 tonnes to over 449,000 tonnes.