Gold News & Info

Source: MarketWatch

New York— Copper futures fell Wednesday for a third session, deepening the slide from their highest level in six months, as gloomy earnings reports from Morgan Stanley and Boeing reinforced economic worries. Limiting copper's losses, China reported that its imports of refined copper hit a record high in March. In other metals trading, gold rose above $890 an ounce as economic fears boosted safe-haven buying. Silver and platinum also gained. Copper for May delivery lost 2.75 cents, or 1.3%, to $2.0595 a pound on the Comex division of the New York Mercantile Exchange. June gold gained $9.80, or 1.1%, to $892.50 an ounce. Copper has lost 6.1% this week.

The decline came after the metal ended last Friday's trading at $2.194, the highest level since mid-October and up more than 50% from February's low below $1.40. Economic fears and profit-taking were pushing down copper prices, said George Gero, a precious-metals trader for RBC Capital Markets. But some analysts said copper prices could rebound soon as demand from China is likely to remain robust. See full story.