• Gold climbed for a second day as a weaker dollar
boosted demand for an alternative investment
and commodities advanced after Ireland moved
closer to a European Union-led financial bailout.
• The euro advanced against the U.S. currency on
optimism a bailout for Ireland will prevent
contagion across the region’s larger debt
• December-delivery gold rose 0.5 percent to
$1,356.80 an ounce on the Comex in New York
after closing 1.2 percent higher yesterday.
• Silver for immediate delivery gained as much
as 1.6 percent to $27.3975 an ounce. It
reached a 30-year high of $29.36 last week
and is up 62 percent this year.
• Oil fell in New York, set for its biggest weekly loss
in three months, because of concern that a
European Union-led bailout of Ireland may not
be enough to stabilize sovereign debt concerns
in the region.
• The market direction is still uncertain even
though the sovereign debt risk in Ireland might
be helped by a bailout.
• The December contract fell as much as 0.5
percent, to $81.44 a barrel in electronic trading
on the NYMEX. It earlier climbed as much as 65
cents to $82.50. Yesterday, futures gained $1.41
to $81.85 after declining for four days.
• Copper in London declined, heading for the biggest
weekly drop in four months, on concern additional
tightening measures in China may damp demand
from the biggest consumer.
• The metal for three-month delivery lost 1 percent to
$8,345 a metric ton on the London Metal Exchange
at 12:42 p.m. in Shanghai. Prices have fallen 3
percent this week, the most since the week ending
• If the U.S. dollar falls, copper may recover a bit,
otherwise, it’s capped by the present macro
• Aluminum in London dropped 0.6 percent at
$2,293.25 a ton, zinc fell 0.9 percent to $2,167 a
ton, and lead declined 1 percent to $2,291 a ton.
Nickel fell 1 percent to $21,632 a ton, and tin
slipped 0.4 percent to $25,000 a ton at 12:46
p.m. in Shanghai.
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