Precious metals up, base metals retreat

Gold prices were 0.1 percent higher to $642.60 per troy ounce as the US dollar weakened again. Silver added 0.3 percent to $11.20 per troy ounce. Platinum and palladium were each slightly higher as well.

Among base metals, copper was 6 percent lower to $7,330 per tonne as negotiations to avoid a strike at the world’s largest copper mine began. Nickel prices also declined, by 2.9 percent to $23,300 per tonne, even though inventories in London Metal Exchange warehouses were down again. Zinc inventories also declined, but prices were down by 5.2 percent to $3,165 per tonne.