Precious metals gain value on week

Precious metals prices were up this week. Gold added 2.6 percent to $665.10 per troy ounce by late in the session Friday in London. The gains came despite the news that the International Monetary Fund is thinking of selling 400 tonnes of bullion. The plan calls for adjustments in sales by central banks, so it would not result in more sales overall. Meanwhile, platinum was 3 percent higher on the week to $1,192 per troy ounce on a continuing strike in South Africa.

Base metals were mixed. Zinc added 1.6 percent on the week to $3,130 per tonne, while copper was up 4.2 percent to $5,570 per tonne and tin was up 5.3 percent to $12,325 per tonne. On the other hand, aluminium dropped 0.8 percent to $2,697.50 per tonne and nickel was 3.5 percent lower to $36,100 per tonne even though inventories were still very low.