Gold adds $16.30 on decline in dollar
by Elaine Frei
Precious metals prices were up on Tuesday after the US dollar declined versus the euro and investors looked for hedges against inflation.
April gold was up $16.30 to $935 per troy ounce in New York as UBS analysts predicted that the price of gold will rise to $950 in the next month and will go up to $1,075 within three months.
May silver was 70 cents higher to $17.81 per troy ounce while April platinum soared $96.70 to $1,985.90 per troy ounce.
Among base metals, copper added 6 cents to $3.85 per pound in New York while three-month copper was up $245 to $8,085 per tonne, or $3.67 per pound, in London as investors looked for hedges against inflation and as London Metal Exchange stockpiles fell to 120,175 tonnes.
The gains in metals prices came after wide declines in commodities prices last week.
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