Gold drops 1.8%, copper buckles
LONDON (20 Mar) Gold dropped 1.8 percent on Friday as fresh gains in the dollar and news of an interest rate hike in India pushed the metal through support at $1,120 an ounce, triggering further selling. Spot gold hit a low of $1,104.05 an ounce and was bid at $1,105.65 an ounce at 1518 GMT, against $1,125.45 late in New York on Thursday. Among other precious metals, silver was at $17.02 an ounce against $17.35, platinum was bid at $1,607 an ounce against $1,627, while palladium was at $463.50 an ounce against $475 an ounce.
Copper buckles: Copper came under pressure on Friday. Benchmark copper on the LME was trading at $7,469 a tonne at 1441 GMT from $7,486 at the close on Thursday. Three-month nickel hit $22,900 a tonne, the highest since March 4. It traded at $22,525 a tonne compared with $22,760 at the close on Thursday. Zinc traded at $2,297 a tonne from $2,333, battery material lead at $2,225 a tonne $2,245 and aluminium at $2,253 a tonne from $2,276. Tin traded at $17,740 a tonne from Thursday’s last bid at $17,790.
