Gold heads above $700 per ounce

Metals prices were higher in New York on Thursday.

December gold breached the $700 level, adding $13.90 in afternoon trade to $704.60 per troy ounce.

December silver was 18 cents higher to $12.53 per troy ounce, while October palladium gained $15.90 per troy ounce as it continued its gains on higher demand.

Earlier in mid-morning trade, December palladium was $1.80 higher to $338.65 per troy ounce, also due to increased demand.

In base metals, December copper had added 4 cents to $3.30 per pound in New York after early declines due to a report of record house forclosures in the United States.

Three-month copper in London, meanwhile, was up $140 to $7,300 per tonne, or $3.31 per pound.