Gold rebounded from its biggest weekly loss in a month, after China’s decision to refrain from raising borrowing costs boosted demand
for the precious metal.
Gold holdings of SPDR Gold trust, the largest ETF backed by the precious metal, remained unchanged at 1289.83 tons as on Dec 13.
Silver holdings of ishares silver trust, the argest ETF backed by the metal, declined to
10,891.18 tons, as on Dec 13. The dollar index that measures US currency against a basket of six major currencies slid to 79.3, off from 80.067 on late Friday.
Copper prices climbed to a record in London and closed at an all-time high in New York & India, after China refrained from raising borrowing costs over the weekend, bolstering speculation that metals demand will continue
to rise. Copper futures for March delivery closed at record high, up by 2.3% at $4.207 per pound on the COMEX metals division of the New
York Mercantile Exchange. Copper and lead output in China, the largest
consumer of both metals, advanced to records in November as producers increased
output, while aluminum production declined for the third straight month.
Output of refined copper climbed to 443,000 tons last month, up by 4.5% than the month before, while production of refined lead gained 29.5% to 448,000 tons, as per the statistics bureau.
Refined aluminum production fell by 14% to 1.18mn tons, while the output in the first 11-months of the year climbed 23% to 14.356mn tons.
Crude oil futures recovered, after reports indicating strong demand in China last month and as OPEC kept output policy intact over the weekend. OPEC nations have kept crude oil production in check to ensure prices remained strong, a
strategy that was in evidence as markets edged upward in response to the producer
group's weekend talks in Ecuador. Natural gas futures settled on a flat note after
a mid-day update of the government's weather model showed moderating
temperatures next week and colder weather later in the month.
11:38 PM
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