Gold climbs above $950, copper at 2-week high

LONDON: Gold rose above $950 an ounce in Europe on Friday and eyed resistance at $955, after heavy selling of the dollar late in the previous session, with rising oil prices also lending support. Spot gold was bid at $952.00 an ounce at 1111 GMT, against $946.75 an ounce late in New York on Thursday. US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $6.20 to $953.50 an ounce. Gold typically moves in a close inverse relationship with the dollar, as it becomes cheaper for holders of other currencies as the US unit softens. Gold was also being bought as an alternative asset to the falling dollar. Base metals also climbed, with copper up more than three percent, helping fellow industrial metal silver, which rose to $14.47 an ounce from $14.24. Platinum was at $1,238 an ounce against $1,240.50, and palladium was flat at $284. Copper at 2-week high: Copper climbed to a two-week high on Friday. By 0925 GMT, copper for three-month delivery on the London Metal Exchange rose to $6,450 a tonne from $6,275 at the close on Thursday and compared with a session high at $6,468.50. Lead rose more than five percent to a high of $2,110 a tonne, as doubts over Chinese supply also aided prices. Copper prices hit $6,480 a tonne on Aug 14 — its highest point since early October. But highlighting underlying weak demand, copper stocks rose 1,375 tonnes to 298,925 tonnes — the highest level since June. Aluminium added $33 to a $1,917. LME inventories in the metal, used in transport and packaging, gained 625 tonnes to remain at record levels above 4.6 million tonnes. Steel making ingredient nickel traded at $19,410 from $18,755 while battery material lead was at $2,110 from $2,010. Zinc gained to $1,883 a tonne from $1,831 and tin edged up to $14,250 from $13,995. reuters