Noront Resources

Gold hits record above $1,030

London - Gold touched a fresh high above $1,030 an ounce in Europe on Monday as momentum from recent gains and a slide in the dollar index sparked fund buying of the precious metal.

Gains in gold boosted interest in other precious metals, with platinum, palladium and rhodium all hitting their strongest in more than a year.

Spot gold reached at peak of $1,132.95 an ounce, and was bid at $1,130.60 an ounce at 1021 GMT, against $1,118.50 late in New York on Friday.

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $14.20 to $1,130.90. Earlier they hit a record high $1,133.50.

The metal now looks poised for further gains, analysts said, with a number of call options, or rights to buy, being placed at elevated levels on U.S. December gold futures.

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Silver was bid at $17.80 an ounce against $17.41.
Platinum was at $1,422.50 an ounce against $1,390.

Palladium was at $361 against $353.50.

Rhodium hit a 13-month high at $2,250

Lonmin PLC, the world's third-biggest platinum producer, expects prices of platinum group metals to gradually firm next year before shortages kick in the following year, the chief executive said on Monday.

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Copper at 3-wk high on weak dollar.


* Chinese snowstorms could affect deliveries, smelters

* Dollar falls to lend additional support

* Copper stocks at 406,450 tonnes, cap gains



LONDON, Nov 16 (Reuters) - Copper hit a three-week high on
Monday, boosted by a weak dollar, bad weather in the world's
largest metals consumer China and improving Japanese growth
data.

By 1100 GMT, copper for three month delivery on the
London Metal Exchange traded at $6,681.50 a tonne from $6,520 at
the close on Friday. The metal, used in power and construction,
earlier touched $6,702 its highest level since Oct. 26.

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Other Metals

Aluminium added $32.50 to $1,972.50. LME stocks for
the metal used in transport and packaging fell 175 tonnes to
continue a recent downward trend at 4.53 million tonnes.

Steel making ingredient nickel traded at $16,500 from
$16,200 while battery material lead was at $2,309 from
$2,275.

Analysts as VTB Capital said that should nickel prices fall
significantly below $16,000 a tonne, Chinese nickel pig iron
output will start to fall and be replaced by increased imports
of refined nickel.

"Nickel prices are likely to find a floor soon, close to
current levels, and regain their upward momentum before the end
of the year," they added.

Zinc hit a one week high at $2,232 but was last at
$2,212 a tonne from $2,174 and tin was at $14,785 from
$14,750.

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24 Hour Base Metals

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