Weaker greenback helps metals

BASE and precious metals got a much-needed bump overnight from a drop in the US dollar.
Weaker greenback helps metals Weaker greenback helps metals Weaker greenback helps metals Weaker greenback helps metals Weaker greenback helps metals

Kristie Batten

Gold futures gained 1.1% to US$1335.10 an ounce.

Though the Australian dollar was back over 78c, the local spot gold price sat at A$1705/oz this morning.

According to the World Gold Council, gold-backed ETFs collectively held 2393.4t (US$101.4 billion) at the end of February after losing 5.1t ($146 million) during the month.

Asian-listed funds added to holdings, while North American and European funds contributed to the drop.

Silver rose by 2.2% to $16.78/oz, while platinum and palladium remain at around $970/oz each.

Base metals also performed better after a rocky past few sessions.

Nickel rose by 1.8% to $13,625.50 per tonne, while copper rose by 1.3% to $6965.75/t.

Even zinc, which had fallen for five straight sessions, rose by 0.2% to $3305/t.

But cobalt was the big standout, jumping by 3.1% to $83,020/t, a new high since LME trading of the metal began.

[amcsv id="241050" type="commodities"]

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