The following are New York midsession prices and market updates for precious metals and copper: Gold for February delivery down $23, or 2.1 percent, at $1,089.60 an ounce at 11:44 am EST (1644 GMT) on the COMEX division of the New York Mercantile Exchange. Range $1,117.40 to $1,088, the lowest since January 4.
Gold sold off as the euro slumped to near a six-month low due to concerns over swelling budget deficit in Greece. The dollar saw safe-haven buying as investors worried that debt troubles could spread to other eurozone countries. Equities markets also fell sharply on flight-to-quality selling.
The February gold contract fell below the $1,100 level; next chart support seen at 100-day moving average at $1,085, said traders. COMEX estimated 11 am volume at 196,724 lots. Spot gold at $1,093.85 an ounce, against the previous session's late quote of $1,111.10. March silver down 45 cents, or 2.6 percent, at $17.430 an ounce, down with gold and industrial metals. Range from $18.065 to $17.340, a two-week low. COMEX estimated 11 am volume at 33,299 lots.
Spot silver at $17.40 an ounce, versus the previous session's late quote of $17.87. NYMEX April platinum down $10.20 at $1,607.40 an ounce on follow-through selling after investment-driven rallies related to US exchange traded funds. Spot platinum was at $1,591.50 an ounce.
March palladium down $7.15, or 1.6 percent, at $454.90 an ounce, tracking broad-based precious metals weakness, said traders. Spot palladium was at $452.50 an ounce. March copper down 4.65 cents, or 1.4 percent, at $3.3085 a lb, on dollar rise, demand worries due to China's measures to tighten bank lending.
By 11:10 am EST (1610 GMT), benchmark copper for March delivery fell 4.70 cents, or 1.4 percent, to $3.3075 per lb on the New York Mercantile Exchange's COMEX division, after touching $3.2965 its weakest level since December 30. Range from $3.4065 to $3.3435. COMEX estimated futures volume at 15,988 lots by 10 am EST (1500 GMT). The dollar pared gains slightly against the yen after data showed US jobless claims rose more than expected in the latest week.
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