Metals prices gain ground

In the precious metals market on Thursday, gold was up by $4 to $567.60/$568.50 per troy ounce in New York.

Silver, meanwhile, was trading up over 3 percent on the day at $10.14 per troy ounce. This was silver’s highest price since October 1983. It has gained nearly 60 percent since the beginning of last year. Prices are rising currently due to a strike at Grupo Mexico’s San Martin silver and zinc mine in Zacatecas state, Mexico, which is expected to spread soon to other Mexican mines.

Platinum was trading at $1,050 during the day.

In base metals, copper was up $90 to $4,965 per tonne in London, with prices being driven by the mining strike in Mexico as well as by large demand for copper from China.