Gold slips one percent, copper hits 16-mth high

LONDON: Gold slipped one percent in Europe on Wednesday as the dollar hit session highs versus the euro. Spot gold hit a low of $1,085.90 an ounce and was bid at $1,088.15 an ounce at 1513 GMT, against $1,096.55 late in New York on Tuesday. The precious metal’s decline is taking spot prices further from the record high of $1,226.10 an ounce they hit at the beginning of December after a wave of central bank gold buying. US gold futures for February delivery on the COMEX division of the New York Mercantile Exchange fell $9.30 to $1,088.80 an ounce. Among other precious metals, silver was at $16.80 an ounce against $17.08, while platinum was at $1,450 an ounce versus $1,462. Palladium hit a peak of $393 an ounce, its highest since July 2008, and was later at $390.50 against $385.50. Copper hits 16-month high: Copper climbed to a fresh 16-month high above $7,300 on Wednesday. Benchmark copper for three month delivery on the LME traded at $7,321 a tonne from $7,275 at the close on Tuesday. The metal, used in power and construction, earlier touched $7,380, its highest since Sept. 4, 2008. In other metals, aluminium traded at $2,266 a tonne in LME rings from $2,273 but earlier hit a two-week high at $2,289. Steel making ingredient nickel traded at $18,930 in LME rings from $19,200 while battery material lead was at $2,426 from $2,449. Zinc traded at $2,581 a tonne from $2,548 and tin was untraded in official rings but last bid at $16,750 from $16,745. reuters