Gold prices fall from records on profit-taking

Gold prices were lower Wednesday as investors took profits after yesterday’s record setting close, and on an increased their appetite for riskier investments.

Also helping metals prices was an unofficial report that China’s exports were up 50 percent in May from the same month in 2009, which helped reassure investors that Europe’s debt crisis isn’t hurting the global economy too much, while US Federal Reserve Chairman Ben Bernanke said much the same thing in regard to the US economy in testimony before a congressional committee.

August gold fell $15.80 to $1,229.90 per troy ounce in New York trade, while July platinum was up $5.20 to $1,534 and September palladium gained $13.10 to $455.25 per troy ounce but July silver dropped 29 cents to $18.18 per troy ounce.

Among base metals, July copper added 7 cents to $2.85 per pound in New York trade, while three-month contracts for the metal used in construction and manufacturing was up $175 to $6,340 per tonne, helped out by the reports about China’s exports, on the Fed chairman’s comments and on gains in equities markets.

Aluminium was up $7 to $1,927 per tonne after stockpiles fell 6,325 tonnes, bringing the total decline in aluminium in storage to 130,000 tonnes since January.

Zinc was $23 higher to $1,757 per tonne, lead added $80 to $1,680 per tonne and nickel gained $800 to $19,270 per tonne.

Tin was untraded at the close of the session in London, but it was last quoted down around $420 to a range around $16,300/$16,350 per tonne.