EURO HOPES BOOST GOLD, COPPER TO RECENT HIGHS
Gold prices jumped the most in four weeks after European leaders took steps to resolve the region’s debt crisis, boosting the outlook for global growth and commodities demand. Silver surged.
Gold futures for August delivery climbed 4% to US$1,604.20 an ounce on the Comex in New York, up US$38.20, the biggest gain since June 1. That’s a gain a mor than 2% for June, the first monthly gain since January.
Silver futures for September delivery jumped 4% to $27.43 an ounce, the biggest gain since Jan. 3.
Sales of gold coins by the U.S. mint rose to an estimated 54,500 ounces this month from 53,000 ounces in May, data on the mint’s website showed Friday.
Sales of silver coins fell to 2.59 million ounces in June from 2.88 million last month.
Copper posted the biggest gain in almost seven months after European leaders reached an agreement to help contain the region’s debt crisis, easing concern that economic growth and metals demand will ebb.
Copper futures for September delivery climbed 5% to settle at US$3.4965 a pound on the Comex in New York. The increase was the biggest since Nov. 30. Prices added 5.5% this week, the biggest such gain since January. For the quarter, prices were down 8.6%.
Inventories monitored by the London Metal Exchange rose for a seventh session to 257,150 metric tons. That capped an 11% increase for June, the first monthly expansion since September.
On the LME, copper for delivery in three months rose 4.1% to US$7,685 a ton (US$3.49 a pound).
Zinc, aluminum, nickel and tin also gained in London. Lead jumped 4.6%.
Platinum jumped the most in more than three years. Platinum futures for October delivery climbed 4.5% to settle at US$1,452.40 an ounce on the New York Mercantile Exchange, the biggest gain for a most-active contract since March 19, 2009.
In June, it gained 2.5%, snapping a three-month slump. In the second quarter, the price fell 12% percent.
Palladium futures for September delivery advanced 3.7% to US$584.55 an ounce, the biggest gain this year.