Metals Begin To Slide After Higher Opens
Tuesday, February 06, 2007 11:30:42 AM - Precious metals began to slip 30 minutes into Tuesday’s U.S. session, while copper remained strong.
Gold, silver, platinum and palladium all advanced early in the session before beginning to slip after 15 minutes. The move came as precious metals attempted to rebound from a slide at the end of last week.
Gold prices initially rose in the U.S. on speculation that it would gain appeal as an inflation hedge as both commodity prices and energy costs continued to rise.
A little over two hours into the Tuesday’s session, copper for March delivery was up to $2.4680 per pound, a rise of 5.15 cents. Meanwhile, gold for April delivery was up $1.20 to $657.30 per ounce. At the same time, silver for March delivery advanced 6 cents to $13.62 per ounce. April platinum was up as well, rising $18.30 to $1190.00 per ounce. March palladium rose $2.00 to $344.35 per ounce.