Gold adds $22.70 oz; WTI up over $2.50 on session

The price of gold set a new record Monday, ending $22.70 higher to $1,139.40 per troy ounce in New York after going as high as $1,140.70 per troy ounce earlier in the session as the US dollar weakened and equities markets saw gains.

Still, when adjusted for inflation, today’s price remained well below the $825.50 per troy ounce that gold cost on 21 January 1980, which is $2,163.62 per troy ounce in today’s dollars.

Among other precious metals, December silver added $1.02 to $18.40 per troy ounce and January platinum gained $55.90 to $1,444.60 per troy ounce.

Prices for base metals were also significantly higher on the session.

March copper added 13 cents to $3.13 per pound in New York trade, while three-month copper gained $335 to $6,855 per tonne in London, its highest in over a year, as investors worried about the heaviest snow storms in China in 60 years as concerns grew that smelters could be affected.

Nickel added $600 to $16,800 per tonne, while tin gained $235 to $14,985 per tonne, lead was $115 higher to $2,390 per tonne, zinc was up $105 to $2,174 per tonne and aluminium gained $90 to $2,030 per tonne.

The weaker dollar also sent oil prices higher, as did comments from OPEC officials that hinted at no changes in the cartel’s production quotas when it meets next month in Angola.

December contracts for West Texas Intermediate crude added $2.55 to $78.90 per barrel on the New York Mercantile Exchange, while December Brent crude was up $2.45 to $78.76 per barrel on the ICE Futures Europe exchange in London.

In addition, OPEC said that compliance with current quotas fell to 60 percent in October.

Nymex December gasoline and January heating oil each added 7 cents, to $1.99 per gallon and $2.07 per gallon respectively, while January natural gas was 19 cents higher to $4.99 per million British thermal units.

Story link: Gold adds $22.70 oz; WTI up over $2.50 on session