Gold prices held steady on Thursday after gaining nearly 1 percent on Wednesday, helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $1,200 level. Spot gold was up 1 percent at $1,210.60 per ounce. Prices had slipped to their lowest since Oct. 11 at $1,195.90 in the previous session. U.S. gold futures settled up $8.70, or 0.72 percent, at $1,210.10. An index that tracks the dollar versus a basket of six major currencies was down 0.2 percent after hitting a 16-month high on Monday.
London copper and aluminium prices rose slightly along with other metals on Thursday, with investors looking to potential stimulus spending in China after weak retail and credit growth data in October. Three-month copper on the London Metal Exchange had risen 0.4 percent to $6,113 a tonne at the time of writing, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.4 percent to 49,180 yuan ($7,076) a tonne.
Natural gas prices shot through the roof on Wednesday as weather forecasts called for an increasingly cold winter in what is looking like a tightly supplied market. Natural gas spot prices had climbed by more than 17 percent to reach $4.812-a price that traders haven’t seen since Fall 2014. The natural gas futures market had an exceptionally volatile trading morning, with prices surging about 35 percent since the beginning of the month, likely stemming from traders rushing to cover short positions as panic set in.
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