Gold prices add over $8.50 per troy ounce in New York afternoon trade

Metals prices were higher on Monday. At early afternoon in New York, August gold had added $8.70 to $659 per troy ounce after trading in a range between $644.50 and $659.20. July silver was up 24 cents to $13.28 per troy ounce, while July platinum gained $11.20 to $1,298 per troy ounce.

Base metals also saw gains. Aluminium was 1.1 percent higher to $2,720 per tonne in London, while nickel gained 1.6 percent to $43,000 per tonne after declines last week on changed London Metal Exchange borrowing rules. Copper added 3.1 percent to $7,360 per tonne after a decline of 900 tonnes in LME inventories. The possibility of strikes at Chilean and Mexican mines also supported copper prices. A decline of 350 tonnes from LME zinc stockpiles sent the price of that metal 3.6 percent higher to $3,760 per tonne.