Most precious metals gain on session

Precious metals prices were mostly higher on Monday as gold, platinum and palladium all gained and silver held steady.

February gold was slightly higher, adding $1 to $799 per troy ounce after the dollar strengthened in relation to the euro.

Some analysts don’t believe that gold prices will decline too much because they see any price below $800 per troy ounce as an invitation to buy while they also believe that current worries about US inflation will also support prices.

January platinum added $24.40 to $1,503.60 per troy ounce on demand speculation after hitting a record high of $1,504 per troy ounce earlier in the session.

Analysts said that interest in the metal, which is used in the manufacture of catalytic converters which reduce the amount of pollution emitted by cars and trucks, has been raised by a UN environmental meeting in Bali.

Earlier in the session March palladium, which is also used in the manufacture of pollution-control devices, was $4.60 higher to $362 per troy ounce.

March silver, however, traded even at $13.98 per troy ounce.