Gold higher, seen as safe haven
by Elaine Frei
Prices on most precious metals were higher on Friday as investors looked for safe places to put their money as the news didn’t seem to get any better concerning the chaos in the US subprime mortgage market.
As equities markets dropped all over the world, December gold added $8.80 in New York to $681.60 per troy ounce.
Even with the day’s gains, gold was still down 0.4 percent on the week even though it held on to a gain of 6.8 percent so far this year.
September silver was also higher, adding 17 cents to $12.87 per troy ounce.
October platinum was up $4 on the session, to $1,279.30 per troy ounce on increased demand, a gain of 12 percent this year.
Palladium, meanwhile, was down $4 on the session to trade at $358.20 per troy ounce.
Among base metals, September copper held steady at $3.36 per pound in New York.
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