Gold price plummets to 9-month low on Fed outlook; platinum slides

New York (July 16)  Gold fell to a nine-month low after Federal Reserve Chair Janet Yellen reiterated that US interest rates will probably increase this year. Platinum dropped to the lowest in six years and palladium slid.

Gold futures for delivery in August lost to $1,142.40 an ounce on the Comex in New York. Bullion for immediate delivery fell to $1,144.05 in London, according to Bloomberg generic pricing.

Platinum for October delivery fell as much as to $1,006.50. Palladium for September delivery dropped to $625.15. Silver for the same delivery month was at $14.93 an ounce.

Copper rose on Thursday after Greek lawmakers passed a tough bailout programme and the Chinese stock market stabilised, but a stronger dollar and uncertainty over global growth capped gains.

Three-month copper on the London Metal Exchange climbed to $5,545.50 a tonne . In other metals, LME nickel fell to $11,470.

Aluminium dipped to $1,709 a tonne and zinc shed to $2,063. Lead was bid at $1,840 a tonne and tin was bid at $14,800.

Oil advanced from a three-month low after stockpiles in the US fell by more than forecast amid record- high refinery runs.

Futures climbed as much as 1.5 per cent in New York.

West Texas Intermediate for August delivery gained as much as to $52.17 a barrel on the New York Mercantile Exchange. Brent for August settlement, which expires Thursday, was 54 cents higher at $57.59 a barrel on the ICE Futures Europe exchange.

The European benchmark crude was at a premium of $5.95 to WTI.

Source: TheHindu