Gold touches new record in New York

Precious metals prices were higher on Thursday, with gold touching a record high around $970 per troy ounce as the dollar weakened to a record low against the euro and crude oil rose to a record high in New York.

Also pushing gold higher was speculation that the Federal Reserve will cut interest rates again soon.

After going to a record, April gold traded at $968.90 per troy ounce, still a gain of $7.90 over Wednesday’s close.

May silver was up 38 cents to $19.72 per troy ounce, while April platinum was up $2.50 to $2,154.80 per troy ounce after overcoming early declines based on worries that prices have been rising too quickly.

Among base metals, May copper was up 3 cents to $3.88 per pound in New York.