Precious metals in significant gains

Precious metals prices were significantly higher Thursday as the US dollar fell to a new record low in relation to the euro and on a prediction that global gold production will drop by 10 percent to 15 percent in the next five to seven years.

December gold was as high as $746.50 per troy ounce in morning trade in New York, its highest level in 27 years, before falling back to $740.20 at the close of floor trade on the COMEX, still a gain of $10.70 on the session.

Meanwhile, gold for immediate delivery was $15.11 higher in London to $736.51 per troy ounce.

December silver added 37 cents to $13.47 per troy ounce after having gone as high as $13.57 per troy ounce earlier in the session.

October platinum gained $20.10 to $1,328.50 per troy ounce.