Precious metals follow oil higher

Precious metals were higher in New York on Wednesday after crude oil prices reached yet another record high as it traded at $132.30 per barrel in afternoon trade as well as on a dollar that weakened again in relation to the euro.

June gold added $8.60 to $928.80 per troy ounce, while July silver was up 33 cents to $18.05 per troy ounce and July platinum jumped $73.30 to $2,221.10 per troy ounce.

Among base metals, on the other hand, copper prices fell in New York and London on gains in stockpiles.

Inventories in London Metal Exchange warehouses gained 2,300 tonnes during the session to 123,950 tonnes.

In addition, it was reported that there was no growth in demand from China in January and February.

July copper was 3 cents lower to $3.74 per pound in New York, while three-month copper dropped $85 to $8,240 per tonne in London.