Platinum higher on demand

Precious metals prices were mixed in New York on Wednesday.

Platinum and palladium were both higher as some analysts touted platinum over gold as a safer investment.

January platinum added $2.70 to $1,360.50 per troy ounce, a new high closing price, and was as high as $1,363 per troy ounce earlier in the session , also a record.

The gains for platinum came on strong demand and limited supply, and some analysts believe that it could rise another $30 before the end of the year.

December palladium gained $2.70 to $345.45 per troy ounce.

Meanwhile, gold and sliver declined after the euro dropped versus the US dollar after hitting yet another all-time high against the greenback.

December gold was $3.30 lower to $735.50 per troy ounce but still remained 15 percent higher on the year so far, while December silver fell 7.5 cents to $13.55 per troy ounce.

Some analysts figure that recent gains by gold have been overdone and might decline in the short term, but that it could rally again if the US Federal Reserve cuts interest rates again in October.