Gold adds $6 on oil prices
by Elaine Frei
Precious metals prices were higher on Monday.
June gold added $6 to $895.70 per troy ounce in New York as crude oil hit a new record high at $119.93 per barrel, sending investors looking for safe places to put their money as inflation threatened.
The gain came after gold dropped 2.8 percent last week as the US dollar gained on the euro.
July silver was up 19 cents to $17.15 per troy ounce, while July platinum added $10.60 to $1,978.60 per troy ounce after declines earlier in the session.
Among base metals, copper added 2 cents to $3.93 per pound in New York as some Chilean mines remained closed due to a strike against Codelco, Chile’s state-owned mining company and the world’s largest copper producer.
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