Gold, copper prices fall in New York

New York market prices for gold and copper slipped slightly Thursday (Apr.8) in a week cut short by the Good Friday holiday, CBS MarketWatch reported. Gold prices fell US$1.80 to US$420.70/oz on the New York Mercantile Exchange this week. Indications that Japan will not diversify external reserves into gold may have hurt the value of the yellow metal, CBS quoted UBS London analyst John Reade as saying. "Asian banks have large and growing reserves and we had hoped that Japanese deliberations on this issue would result in modest buying and might point the way to broader regional moves," he reportedly said, adding: "This now seems unlikely." Copper prices also slipped 3% this week, closing at US$1.305/lb in New York. Still, analysts are largely optimistic about the metal's chances, due to continued strong demand, especially in the housing sector. On the London Metal Exchange (LME), gold closed at US$422.00/oz Thursday, a US$1.45 gain from Monday, while copper prices fell US$0.025 to US$1.354/lb.