Metals prices mixed in New York

The price of gold rose on Friday, adding $4 by midday in New York to trade at $665.50 per troy ounce on the New York Mercantile Exchange. That put it up 1.2 percent over last week’s close, but it was still 1 percent lower from its trading level at the end of February. Still, some analysts see gold going up to $700 per troy ounce by May and possibly as high as $800 per troy ounce by fall.

In other precious metals, May sliver was 7 cents higher to trade at $13.41 per troy ounce. June palladium was also higher, by $1.75 to $357.75 per troy ounce, but April platinum was $2.60 lower to trade at $1,240 per troy ounce. Meanwhile, in base metals, copper was 4.25 cents higher to $3.129 per pound.

Metals prices were affected not only by the continuing tension between Iran and the UK, but also by a US Commerce Department ruling that will allow the US to charge tariffs on paper products imported from China.