Metals prices follow oil higher

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.