Precious metals mixed; copper gains on inventories

Metals prices were mixed again on Friday.

Gold and silver both saw gains in New York on the possibility that a recession in the United States could benefit demand.

February gold was up $1.20 to $881.70 per troy ounce near the close of floor trade on the Comex division of the New York Mercantile Exchange, while March silver had added 21 cents to $16.22 per troy ounce.

On the other hand, platinum and palladium both declined.

April platinum was 30 cents lower to $1,565.50 per troy ounce, also near the close of floor trade in New York, while in morning trade March palladium was down $5.25 to $371 per troy ounce.

Meanwhile among base metals, copper added 5 cents in New York to $3.23 per pound on declines in inventories on the London Metal Exchange.

LME stockpiles were 2,325 tonnes lower on the day, the 9th consecutive sessions of declining inventories.

Three-month copper in London gained $139 to $7,130 per tonne.

Copper prices are still over 2 percent lower over the week in spite of the days advances.