Gold touches $1,009 per troy ounce

Precious metals prices were mixed on Friday as gold rose to a new record high on the Bear Stearns (NYSE: BSC) bailout, needed because its liquidity position has “significantly deteriorated”, according to its CEO, on another decline in the US dollar versus the euro and the yen, and on the prospect that US interest rates will be cut again next week.

April gold added $5.70 to $999.50 per troy ounce in New York after having hit a new record high at $1,009 per troy ounce earlier.

May silver was also higher, adding 24 cents to $20.66 per troy ounce, but April platinum was down $21.50 to $2,076 per troy ounce.

Meanwhile among base metals, copper dropped less than half a cent to trade at $3.82 per pound in New York.