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Tuesday 07th of October 2008
November 30, 2006

Gold higher as US Dollar weakens


by Elaine Frei

Crude oil prices were higher again on Thursday, with demand higher as cold winter weather set in over parts of the country. Brent crude for January delivery added 93 cents to trade at $64 per barrel, while January contracts for West Texas Intermediate crude were 49 cents higher to $62.96 per barrel. Analysts said that oil prices could conceivably return to the vicinity of $70 per barrel.

Metals prices were higher on Thursday. In precious metals, the price of gold advanced due to weakness in the dollar, while other precious metals followed gold’s lead. Gold added 1.7 percent to $646.90 per troy ounce, while platinum was up 1.8 percent to $1,170 per troy ounce and silver gained $13.93 per troy ounce.

Among base metals, zinc added 0.8 percent to $4,375 per tonne when London Metal Exchange stockpiles fell to their lowest levels since 1991. Copper was 1 percent higher to $7,080 per tonne on lower inventories and the possibility of a strike in Chile. Aluminium and lead each gained 1.4 percent, to $2,738 per tonne and $1,663 per tonne respectively. Lead inventories were down by 1,700 tonnes. Nickel prices were up by 3.8 percent to $33,950 after LME stockpiles dropped to only 4,782 tonnes, just a day and a half of global consumption.

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