Gold fell to a three-week low on Wednesday as stock markets strengthened and the dollar firmed, though prices remained hemmed into a narrow range ahead of next week's Federal Reserve meeting.

Spot gold was at $1,110.11 an ounce at 1405 GMT, while US gold futures for December delivery were down $11.50 at $1,109.50.

Silver was at $14.67 an ounce, while platinum dropped to $982.99 and palladium fell to $577.97.

Copper scaled a seven-week high on Wednesday on expectations of tighter supplies, though the rally could be short-lived without improvements in demand from top consumer China or more substantial production cuts.

Copper on the LME was traded at $5,351 a tonne. Three-month aluminium rose to $1,655.50. Zinc was $1,822 , while lead was at $1,716 and nickel at $10,095 Tin rose to $15,050

Oil fell for a third day in New York as estimates that US crude stockpiles rose reinforced worriesthat there’s no end in sight for the global supply surplus. US inventories probably climbed by 500,000 barrels last week, according to a Bloomberg survey before government data is released Thursday.

WTI for October delivery declined to $45.65 a barrel at 9:09 a.m. on the New York Mercantile Exchange. Brent for October settlement slipped 0.5 per cent to $49.27 a barrel on the London-based ICE Futures Europe exchange.

The European benchmark crude traded at a $3.62 premium to WTI.

Bullion prices (in ₹)

Mumbai: Silver spot 35,820/kg; standard gold 26,245/10 gm; pure gold 26,395/10 gm.(Rates included VAT)

Chennai: Bar silver 35,490/kg; standard gold 26,630/10 gm; retail silver 38/gm; 22 carat retail ornament gold 2,490/gm.

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Published on September 9, 2015