Gold and silver prices rose as the weaker dollar and Ireland's move towards an EU bailout boosted commodity prices. Oil fell and was set for its biggest weekly loss in three months due to concerns that an Irish bailout may not stabilize debt issues in Europe. Copper declined and was heading for its largest weekly drop in four months on worries that additional tightening in China could dampen demand.
2. Bullions
• Gold climbed for a second day as a weaker dollar
boosted demand for an alternative investment
and commodities advanced after Ireland moved
closer to a European Union-led financial bailout.
• The euro advanced against the U.S. currency on
optimism a bailout for Ireland will prevent
contagion across the region’s larger debt
markets.
3. Bullions
• December-delivery gold rose 0.5 percent to
$1,356.80 an ounce on the Comex in New York
after closing 1.2 percent higher yesterday.
• Silver for immediate delivery gained as much
as 1.6 percent to $27.3975 an ounce. It
reached a 30-year high of $29.36 last week
and is up 62 percent this year.
4. Crude oil.
• Oil fell in New York, set for its biggest weekly loss
in three months, because of concern that a
European Union-led bailout of Ireland may not
be enough to stabilize sovereign debt concerns
in the region.
• The market direction is still uncertain even
though the sovereign debt risk in Ireland might
be helped by a bailout.
5. Crude oil
• The December contract fell as much as 0.5
percent, to $81.44 a barrel in electronic trading
on the NYMEX. It earlier climbed as much as 65
cents to $82.50. Yesterday, futures gained $1.41
to $81.85 after declining for four days.
6. Base metals.
• Copper in London declined, heading for the biggest
weekly drop in four months, on concern additional
tightening measures in China may damp demand
from the biggest consumer.
• The metal for three-month delivery lost 1 percent to
$8,345 a metric ton on the London Metal Exchange
at 12:42 p.m. in Shanghai. Prices have fallen 3
percent this week, the most since the week ending
July 16.
• If the U.S. dollar falls, copper may recover a bit,
otherwise, it’s capped by the present macro
uncertainties.
7. Base metals
• Aluminum in London dropped 0.6 percent at
$2,293.25 a ton, zinc fell 0.9 percent to $2,167 a
ton, and lead declined 1 percent to $2,291 a ton.
Nickel fell 1 percent to $21,632 a ton, and tin
slipped 0.4 percent to $25,000 a ton at 12:46
p.m. in Shanghai.