Gold gains despite dollar strength

The price of gold was up in New York on Thursday despite gains by the dollar versus the euro on speculation that the greenback will weaken again in relation to the shared currency.

Gains also came after crude oil prices rose to as high as $106.44 per barrel.

June gold was up $9.50 to $909.70 per troy ounce.

Other precious metals also saw gains, with May silver adding 28 cents to $17.46 per troy ounce while July platinum gained $48.30 to $2,012.90 per troy ounce.

Among base metals, May copper added 2 cents to $3.90 per pound in New York while three-month copper in London added $31 to $8,580 per tonne, or $3.89 per pound.

The gains for copper came after a report that the US service sector contracted less than expected in March, raising hopes that demand for metals won’t be hurt by recent troubles in the economy.

London Metal Exchange inventories added 500 tonnes on the session.