Precious metals prices up on weaker dollar

Precious metals prices were higher on Tuesday, with gold adding $5 to $620.10/$620.60 per troy ounce late in the afternoon in London, helped by a weakening US dollar. Silver gained 20 cents to $12.64/$12.71 per troy ounce, while platinum was $16 higher to $1,118/$1,123 per troy ounce.

Some base metals prices were also higher, after a proposal to cut European Union tariffs on wrought aluminium in half and then eliminate it completely in 2009. The alterations to the aluminium tariff, which currently stands at 6 percent, would have to be approved by the members of the EU, which are reportedly split on the matter. Also, there has been some confusion on 2007 pricing due to uncertainty about what will happen in regards to the tariffs. Aluminium was $22 higher to $2,810 per tonne on the session, while copper gained $5 to $6,675 per tonne.