LONDON: Gold hit five-month highs on Tuesday, rising to within $5 of its December record peak as risk aversion returned on doubts over smaller eurozone countries’ ability to cut their deficits despite a $1 trillion aid package.
Spot gold hit a peak of $1,223.90 an ounce, its highest since early December, and was bid at $1,221.80 an ounce at 1402 GMT, against $1,201.90 late in New York on Monday.
US gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose $22.00 to $1,222.80 an ounce. Silver also hit a five-month high at $19.18, before easing back to $19.15 an ounce against $18.44.
Gold priced in euros and Swiss francs also hit record highs at 963.10 euros an ounce and 1,356.51 francs an ounce respectively. Platinum group metals fell along with other industrial commodities after Monday’s bounce. Platinum was at $1,689 an ounce against $1,693 and palladium at $519.50 against $529.
Copper slides: Copper slid on Tuesday on doubts about a $1 trillion emergency rescue plan to stabilise eurozone sovereign debt, and worries over the demand outlook in Europe and in China, the world’s largest copper consumer. Copper for three-month delivery on the London Metal Exchange traded at $6,995 a tonne at 1408 GMT from a close of $7,120 on Monday when the metal used in power and construction rose $180.
Nickel and lead earlier fell more than five percent, while zinc and aluminium fell more about four percent and copper fell nearly three percent. Copper fell to as low as $6,632.75 last week, its weakest since mid February, on concerns that debt problems in Greece could spread to other euro zone countries and as equities skidded. Aluminium traded at $2,089 a tonne from $2,144. The metal used in transport and packaging earlier hit a low of $2,055.50.
Zinc traded at $2,075 from $2,139 while battery material lead traded at $2,059.50 from $2,108. Lead earlier fell to a session low of $1,990.
Tin traded at $17,500 from $17,750 on Monday and nickel at $22,555 from $23,000. Nickel hit a session low of $21,820 a tonne earlier.
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