Metals Price Watch: Gold Retreats from Three-Week High

By:
on Aug 15, 2013
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**Gold and silver**

iNVEZZ.com, Thursday, August 15: Gold performed strongly in the European morning session on Thursday, boosted by weakening US dollar and a rise in the holdings of SPDR Gold Trust, the world’s biggest gold-backed exchange traded fund.
The gold price hit its highest level since July 24 at $1,345.09 an ounce but failed to maintain momentum and lost about 0.7 percent in the afternoon from its close at $1,334.59 on Wednesday. Bullion traded at $1,326.58 as of 16:08 BST.

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In other precious metals, silver also gained in the European morning to above $22 an ounce, but returned in the afternoon to levels near its closing level on Wednesday. The silver price was up 11 cents at $21.93 an ounce as of 16:22 BST.
**Base metals**
Copper price today suffered a blow on the London Metal Exchange due to reports of increased production and uncertainty about when the US Fed will start scaling back its monetary stimulus, although growing confidence about a global economic recovery underpinned prices.

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Signs of economic recovery in top consumer China have spurred a rally in copper prices this month, with other drivers being reports of U.S. recovery and signs of economic revival in Europe.
Three-month copper price lost 0.7 percent, falling to $7,261.75 a tonne as of 14:22 BST. The fall erased a modest rise recorded at the close on Wednesday.

“Copper is swimming either side of $7,300, and I don’t think today’s fall is meaningful. Clearly the pace of the rally of late last week was always going to slacken off. I’m not sure the world has changed that much,” said Stephen Briggs of BNP Paribas, as quoted by Reuters. He also opined that the sentiment for the metal has turned, with not just China, but also Europe seeming “to be a bit better”.
In other base metals, nickel was the weakest performer today, with the metal’s price down 1.7 percent at $14,640 a metric ton. Tin was a close second among decliners with a 1.6 percent decline to $21,580 a ton.

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