Metals prices see gains

Metals prices were higher on Thursday as investors sought out commodities as a hedge against inflation.

April gold added $11 to $948.80 per troy ounce in New York after going as high as $958.40 per troy ounce earlier in the session.

An early-morning 6.3 magnitude earthquake in a major gold mining region in Nevada caused significant damage to the town of Wells but was not reported to have affected mining operations there.

March silver was up 19 cents to $17.95 per troy ounce while April platinum resumed gains and added $49.40 to $2,188.20 per troy ounce.

Early in the session, March palladium rose as high as $526 per troy ounce, its highest price since July 2001.

Among base metals, copper benefited from the general move to metals as investors looked for inflation-proof places to put their money.

May copper added 10 cents to $3.82 per pound in New York while 3-month copper in London gained $260- to $8,410 per tonne.

London Metal Exchange copper inventories dropped 1.6 percent on the session, bringing declines so far this year to 31 percent.