Gold little changed amidst broad metals selloff

New York (Jan 14)  Gold prices were little changed despite a broad selloff in the metals sector including a 5.2% dive in copper prices to a five-year low of US$2.51 a pound.

Fold for February delivery slid US$0.10 to settle at US$1,234.50 an ounce.

Concerns over a supply glut and slowing consumption in China have weighed on copper prices in recent months.

Weakness in copper is often seen as an omen for the global economy because the metal is used in a wide array of construction and manufacturing activities. While many analysts are bullish on where the global economy is headed this year, the copper action suggested a different story.

The World Bank lowered its 2015 global-growth outlook yesterday due to disappointing economic prospects in the eurozone, Japan and in some emerging economies.

March silver fell 1% to US$16.99 an ounce.

March palladium tumbled 4.3% to US$780.65 an ounce, while April platinum dropped 0.7% to US$1,239 an ounce.

Source: ProactiveInvestors