Metals prices follow oil higher
by Elaine Frei
Precious metals prices were higher Wednesday as they followed oil prices, which hit a new record high, up on the session.
April gold was $21.40 higher to $988.50 per troy ounce in New York not only on record high oil prices but on a new record low for the US dollar versus the euro.
Some analysts are now predicting that gold prices will hit the $1,000 per troy ounce level within the next two weeks.
May silver was also higher, adding 95 cents to $29.79 per troy ounce, with April platinum gained $9.10 to $2,276.10 per troy ounce.
Among base metals, May copper added 14 cents to $3.98 per pound in New York while three-month copper was $264 higher to $8,674 per tonne in London on demand as a hedge against inflation.
Some analysts worry, however, that copper’s gains could hurt demand, limiting its price rally.
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