Continued safe-haven demand amid worries about the global economy and financial sector underpinned gold futures, although the market remained within its recent trading range. Spot gold was last quoted at $858.95. Comex gold futures strengthened $8.70 (1.02%) to $858.80. Spot silver was last quoted at $11.41.
West Texas Intermediate was last quoted at US$42.27 per barrel.

Base metals continued to slide Thursday, as worse-than-expected US housing and jobs data weakened sentiment on demand for industrial metals.

Base metals on the LME finished mixed. Aluminium fell $8 (0.60%) to $1,335 while copper weakened $145 (4.46%) to $3,105 and nickel rose $125 (1.15%) to $10,975. Zinc dropped $20 (1.74%) to $1,130 and lead shed $18 (1.64%) to $1,053. Comex copper was last quoted at 138.10 US cents per pound.

US Stocks Retreat as Banking System Remains Under Fire
US stocks traded lower late Thursday as an afternoon bounce collapsed under the weight of more dire concern about the banking system and its impact on the overall economy.

Setting the tone in a volatile trading session continued to be the banking sector as insurers and regional banks were hit hard by concerns about their profits, while larger Wall Street bellwethers suffered from continued speculation there might be even more government oversight and directives from the incoming Obama administration.

The Dow Jones Industrial Average weakened 105.3 points (1.28%) to 8,122.8 as a morning release of job cuts and lower second-quarter earnings from bellwether Microsoft continued to weigh on the index. Read more »

Rising inventories and a technical selloff drove copper to a four-day low Wednesday, and aluminium to its lowest close since April 2003.

Base metals on the LME finished down. Aluminium fell $47 (3.38%) to $1,343 while copper weakened $100 (3.02%) to $3,210 and nickel dropped $425 (3.77%) to $10,850. Zinc shed $75 (6.12%) to $1,150 and lead lost $88 (7.56%) to $1,070. Comex copper was last quoted at 141.90 US cents per pound.

Gold futures closed lower on a day when the dollar firmed against the euro, but the metal was mostly sideways during an “inside day” on a daily chart. Spot gold was last quoted at $854.70. Comex gold futures slid $5.10 (0.60%) to $850.10. Spot silver was last quoted at $11.27.

West Texas Intermediate was last quoted at US$41.32 per barrel.

The yen rose to a seven-year high against the euro and a 13 1/2-year high against the dollar Wednesday after the expiration of a large options contract.