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Dollar recovery pulls gold from record above $1,150 an ounce

LONDON: Gold prices retreated on Thursday from the record high above $1,150 an ounce they reached in the previous session, reacting to a rise in the dollar as investors took profits in higher-yielding currencies.

Spot gold dipped 0.8 percent to $1,135.30 an ounce at 1519 GMT, against $1,144.70 late in New York on Wednesday. In that session it hit a record $1,152.75 an ounce. US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange fell $5.40 to $1,135.80 an ounce. Analysts say as gold has picked up so much momentum during its recent rally, which has lifted prices nine percent since the start of November, its current correction could be short-lived. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings rose 3.66 tonnes or 0.3 percent on Wednesday to 1,117.493 tonnes, their first rise since November 9. Silver edged down to $18.28 an ounce against $18.54, tracking losses in gold. The world’s largest silver ETF, the iShares Silver Trust, said its holdings rose to a record 9,021.31 tonnes on Wednesday.

Platinum was at $1,432 an ounce against $1,439.50, while palladium was at $363 against $368.50. Rhodium hit a 13-month high of $2,550 an ounce, and ruthenium rose to $85 an ounce, its highest since January.

Copper prices fall: Copper prices fell on Thursday after touching 14-month highs the previous day, weighed down by a stronger dollar and as investors grew concerned that prices had run ahead of weak fundamentals. Benchmark copper on the London Metal Exchange traded at $6,791 a tonne in official rings from a close of $6,880 on Wednesday, when the metal used in power and construction hit a peak of $6,992 - its highest since late September 2008. Among other metals, aluminium, used to make vehicles and packaging, was at $2,037 a tonne in rings from $2,065, with latest LME data showing stocks surged 35,925 tonnes to total 4.595 million tonnes, near record levels. On Wednesday, aluminium hit $2,095 a tonne, its highest since early August. Zinc traded at $2,231 from $2,248, while stainless steel-making ingredient nickel, the worst performing metal in recent weeks, traded at $17,020 from $17,200. Battery material lead was last bid at $2,350 from $2,403, while tin traded at $15,050 from $15,195. reuters

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