Gold gains on inflation concerns

Precious metals prices were up in New York on Tuesday.

February Gold added $8.10 to $807.40 per troy ounce on speculation that rising food and energy costs will fuel inflation in the US, making gold a preferred investment.

Gold also benefited from the belief that the housing and credit crises will make further US interest rate cuts unavoidable.

March silver added 19 cents to $14.17 per troy ounce.

January platinum was also higher, adding $11.70 to $1,515.30 per troy ounce after it soared to a new record high, at $1,526.40, for the second consecutive session.

Platinum is up 32 percent so far this year on the weak dollar and on declines in output from South African mines.