Metals prices gain as dollar declines

Metals prices were higher Monday as the US dollar weakened again, falling for a time to a record low versus the euro.

December gold was 40 cents higher to $739.30 per troy ounce just before the close of floor trade in New York, while December silver gained 2 cents to $$13.64 per troy ounce.

October platinum was $12.60 higher to $1.344.20 per troy ounce as the metal used in jewelry and in pollution-control devices in cars started to look better to investors.

Among base metals, December copper added 5 cents to $3.65 per pound in New York, a gain of 27 percent so far this year as the weaker dollar made the metal cheaper for buyers using other currencies and ahead of a strike that could hurt production was set for the beginning of October in Peru.

Meanwhile in London, three-month copper was up 1.9 percent to $8,035 per tonne as a strike at a Mexican mine, now in its seventh week, forced Grupo Mexico to declare force majeure on some contracts.

With London Metal Exchange stockpiles very low, zinc prices added 1.6 percent to $2.,926 per tonne while lead gained 3.1 percent to $3,465 per tonne.

Nickel was 2.2 percent higher to $33,100 per tonne.