Metals prices end week higher

Precious metals prices were higher on Friday, helped by an announcement that the European Central Bank does not plan to sell any more bullion this year. Gold added 2 percent to $668.10 per troy ounce in London, while June contracts closed $10.20 higher to $671.20 per troy ounce on the New York Mercantile Exchange. June gold was $15.90 higher over the week on Nymex, but dropped $22 over May as a whole. August contracts were up $10.20 as well, to $676.90 on Nymex.

Also in New York, July silver added 27 cents to close at $13.74 per troy ounce, a gain of 5.7 percent over the week. July platinum was up 1 percent over the week, adding $9.80 to $1,295.60. September palladium, meanwhile, was up $4.20 on Friday and $4 for the week, to close at $377.45 per troy ounce.

Prices for base metals were also up. Nickel added 1.7 percent to $47,350 per tonne even though London Metal Exchange inventories grew during May. Traders were worried that steel makers will increasingly go to nickel-free production. Stockpiles of zinc in LME warehouses were at a 16-year low this week, sending prices up 3 percent to $3,750 per tonne over the week. Copper added 3.2 percent on the week to $7,475.50 per tonne as stockpiles declined both on the LME and in Shanghai.