Current Scrap Metal Prices

Gold prices eased in European trade Thursday as dollar recovered from early losses amid a rally in equities.

Bullion for immediate delivery was at $888.97 during late morning trade while June was at $889.30 in electronic trading on the New York Mercantile Exchange’s Comex division.

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The dollar recovered some losses against the euro on Thursday after earlier falling to a three-week low against a basket of currencies as speculation the global economic downturn was slowing raised demand for assets seen as riskier.

A recovery in the equity markets also pressured gold, as investors sell the precious metal to buy stocks.

Meanwhile World Gold Council said world’s biggest buyer of gold, India’s bullion sales during the annual Akshaya Tritiya festival declined 8 percent this year to 45 tons.

According to Bombay Bullion Association, country imported 15 to 20 metric tons of gold so far this month, up from near-zero in February and March.

However, Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, was unchanged at 1,104.45 tons for a fifth day Wednesday.

Among other metals for immediate delivery in European trade, silver was fell 1.1 percent to $12.615 an ounce. Platinum added 1.3 percent to $1,111.75 an ounce, and palladium

Source: www.commodityonline.com

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