Metals hit highs this week

Gold nearly reached $600 per troy ounce on Friday, settling at $588.90 per troy ounce after going as high as $598 during the day. Many analysts expect it to reach $600 next week.

The price of gold helped other precious metals during the week. Silver added 5.1 percent on the week to $12.08 per troy ounce, while platinum gained 0.7 percent to $1,065 per troy ounce and palladium rose 4.8 percent to $347 per troy ounce.

In base metals, copper prices set several new records during the week as it pushed toward $6,000 per tonne. Three-month copper added 6.2 percent on the week to $5,725 per tonne and hit a record price of $5,830 during the day Friday. The price of copper was helped by predictions of higher demand coupled with dropping inventories and worries about supply in the short term.

Other base metals also saw prices rise this week. Zinc added 6 percent to $2,805 per tonne during the week and set a new price record when it hit $2,875 per tonne during the day Friday. Supply concerns sent nickel up 10.5 percent to $16,850 per tonne as Inco’s New Caledonia facility was hit by new vandalism, sending damage estimates well above the previous estimate of $10 million.