Platinum adds nearly $50 per ounce on session
by Elaine Frei
Platinum and gold touched new record highs on Monday in New York as the US dollar dropped again versus the euro and worries about supplies of platinum from South Africa continued as mines remained closed due to a shortage of electricity.
April platinum added $48.60 to $1,728.70 per troy ounce in New York after going as high as $1,733 per troy ounce earlier in the session as analysts predicted that production in South Africa would be subject to interruptions for at least the next two to four weeks.
February gold was up $16.40 to $927.10 per troy ounce as the dollar dropped to a two-week low versus the euro and analysts predicted that the Federal Reserve will cut interest rates again, this time down to 3 percent, when it meets later in the week.
In other precious metals, March silver added 26 cents to $16.75 per troy ounce while March palladium which, like platinum, is used in the manufacture of pollution-control devices for motor vehicles, gained $5.90 to $391.35 per troy ounce.
Among base metals, March copper added 1 cent to $3.19 per pound in New York, while three-month copper in London was $30 cents higher than Friday’s close to $7,060 per tonne as London Metal Exchange stockpiles fell by another 1,100 tonnes during the day.
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Gold ends session lower in New York, but gains on week Gold prices retreat after setting new intraday high Gold closes at $1,666 per ounce in New York trade Gold prices at new records on disappointing US data Gold prices lower but comes off session lows on manufacturing data Gold sets new intraday, closing highs to end trading week in New York Copper rises; precious metals prices see declines Gold prices drop on profit-taking, stronger US dollar $1,616.80 per troy ounce: Another record high for gold Gold trades as high as $1,624.30 per ounce in New YorkPrevious: « BHP Billiton updates Southern Africa operations
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