Daily Gold Update

Source: Marketwatch

New York— Copper prices rose to a record high on Thursday, leading industrial metals higher while gold slipped. Silver flirted with a 30-year high before giving up gains after U.S. data showing a decline in first-time jobless claims pointed to improvement in the labor market. The trend in metals prices has been notably higher, with several touching multiyear highs recently as investors increasingly find it more desirable and easier to diversify into hard commodities.

�Everywhere investors have looked, they�ve found conflict and problems,� said George Gero, vice president of global futures at RBC Capital Markets. When a safe haven is needed, �for 5,000 years, it has always been gold.� Gold futures for February delivery fell $7.60, or 0.5%, to $1,405.90 an ounce. It was down $1.10 before the jobless-claims data after closing Wednesday at its highest in weeks. This biggest gainer for the year was palladium, which is up 93%. The metal is used in manufactured goods including electronics, catalytic converters and fuel cells � which help auto makers produce more fuel-efficient cars. Silver was close behind, gaining 81%. See full story.