Gold News & Info

Source: Marketwatch

San Francisco— Gold futures rose modestly Wednesday, while copper settled lower after hitting a record high in London trading, as metals got some support from a weaker dollar. Gold for February delivery added $2, or 0.2%, to $1,370.20 an ounce. The metal pared gains as the session progressed; the February contract had earlier risen to $1,378.90 an ounce. Gold got some support from a recently launched exchange-traded fund, said George Gero, a vice president with RBC Wealth Management, in emailed comments. The ETF �kept gold steady� as physical gold was needed to back the product, he said.

Meanwhile, March palladium clung to its gains and finished at its highest level in almost 10 years. Upbeat economic data from the U.S. and Europe in recent weeks have suggested the global economy has regained its footing, boding well for industrial metals as well as for precious metals that also have industrial uses, including silver, platinum and palladium, noted Pradeep Unni, analyst at Richcomm Global Services in Dubai. April platinum advanced $9.80, or 0.5%, to $1,838.10 an ounce. That was platinum�s best settlement since July 2008. Investors are anticipating higher vehicle sales in China, the world�s largest car market, analysts at Commerzbank said in a note to clients. See full story.