Gold at new high as platinum drops over $100 per ounce

Precious metals prices were mixed Monday as gold held on to some gains after soaring to a record high but platinum dropped more than $100 per troy ounce on easing supply concerns.

April gold was up $3.10 to $1,002.60 per troy ounce in New York after going as high as $1,033.90, a new record, on the dropping dollar and more trouble in credit markets after JPMorgan Chase (NYSE: JPM; TYO: 8634) bought out Bear Stearns (NYSE: BSC) over the weekend for one-tenth of its valuation on March 14.

On the other hand, April platinum dropped $102.60 to $1,973.40 per troy ounce on declining concerns over South African supplies after the government there said it might take a second look at a plan to impose a royalties tax on mining companies.

The consensus is that lower taxes would mean greater production.

May silver, meanwhile, fell 36 cents to $20.30 per troy ounce in New York.

Among industrial metals, May copper was down 14 cents to $3.69, its lowest level in nearly a month, on demand worries created by continuing bad news from the US economy and on a decline in manufacturing in New York state.

In London, three-month copper fell $145 to $8,215 per tonne.