Platinum adds nearly $22 in New York
by Brian Turner
Metals prices were higher on Thursday after the US dollar declined in response to lower than expected gross domestic product figures for the first quarter. The weakness in the data led some to believe that the Federal Reserve could cut interest rates, which would benefit metals prices.
August gold added $7.40 by early afternoon trade in New York to trade at $666.70 per troy ounce after having priced in a range between $663.50 and $667.50 in morning trade. July silver was 25 cents higher to $13.47 per troy ounce after trading between $13.38 and $13.56 earlier. Still among precious metals, July platinum was $21.80 higher to $1,285.80 per troy ounce after trading as high as $1,286.50 during the morning session.
Among base metals, July copper gained 9 cents to $3.40 per pound, its highest level so far on the day.
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