Precious metals higher on sinking US dollar

Precious metals prices were higher on Thursday as the US dollar once again declined in relation to the euro and amid sentiment that the US Federal Reserve will not be able to avoid cutting interest rates again.

In New York, gold for December delivery closed $6.40 higher to $768.70 per troy ounce, the highest for a most-active contract since early 1980.

December silver was also higher, adding 5 cents to $13.80 per troy ounce, bringing the metal’s gain this year to 6.7 percent.

January platinum gained $9.40 to $1,447.60 per troy ounce on the dollar’s misfortunes as well as on the closing of a South African mine after an accident there resulted in a worker’s death.