Metals Price Watch: Gold Price Partially Recovers

By:
on Jun 27, 2013
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iNVEZZ.com, Thursday, June 27: The gold price edged up in early trading in London on Thursday from the nearly three-year low hit on Wednesday. Silver gained two percent but remained under $19 per ounce. Copper gained some ground on the London Metal Exchange.

**Gold and Silver**
Gold tried to recover from Wednesday’s plunge by four percent to $1,221.80 an ounce, its lowest level since August 2010. The gold price gained 1.2 percent to 1,240.36 on Thursday morning in London, but has since then retreated and could be found at 1,233.02 per ounce at 13:48 GMT
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The metal has been hit hard by signals that the Federal Reserve plans to curb debt purchases as early as this year as the US economy improves. The plans were first signaled at a meeting of the Federal Reserve policy makers last week. Strong US economic data released on Tuesday fuelled fears that the reduction of the stimulus would happen soon, which led to Wednesday’s slump in the gold price.

“Investor sentiment is still quite sour right now,” said a trader in Hong Kong, as quoted by Reuters. “There is a lot of speculative fervour around gold. For investors to come back in droves, we will need to see some consolidation in prices and a return to an upper trending market.”
The silver price, which also took a serious hit yesterday, remained below $19 on Thursday. It was at $18.74 per ounce as of 13:48 GMT.

**Base metals**
The copper price gained some more ground today on the London Metal Exchange, reaching $6,771.75 a metric ton by 8:52 GMT. The metal is likely to remain under pressure as expectations of increased global surplus and slowing growth in China, the world’s biggest consumer, will probably weigh on its long term outlook. Earlier this week the copper price fell due to fears of a credit crunch in the Asian country, later

calmed by China’s central bank.
!m[Copper Price Gains Ground](/uploads/story/3478/thumbs/pic1_inline.JPG)
“For industrial metals, China is in the driving seat and the story of the credit crunch is a bit of a problem. Today the situation has improved a bit and commodities as a whole are slightly higher. There is a bit more optimism,” Credit Suisse analyst Tobias Merath said, as quoted by Reuters.
In other base metals, three-month aluminium price rose to $1,774 a metric ton, up 0.2 percent from Wednesday’s close.
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