Platinum, gold lower on news that SA mines will restart
by Elaine Frei
Precious metals prices were mixed on Tuesday.Gold and platinum were both lower on the news that the state-owned electricity utility in South Africa has said it will make sure that mines get at least some power so that they can resume operations after five days of closures due to a lack of power.
April gold in New York was $1.70 lower to $931.10 per troy ounce, while April platinum fell $6.80 to $1,721.90 per troy ounce after going as high as $1,734.90 per troy ounce earlier in the session.
South Africa produces 10 percent of the world’s gold and more than three-fourths of the world’s platinum.
March Silver, on the other hand, added 7 cents to $16.82 per troy ounce.
Among base metals, March copper added 11 cents to $3.30 per pound on hopes that lower interest rates will help maintain demand.
Uranium, meanwhile, dropped to a three-month low after Australia and Kazakhstan, two of the world’s biggest producers of the radioactive metal, said that output has increased
Uranium oxide concentrate for immediately delivery was at $78 per pound after trading at $84 per pound last week.
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