Weaker dollar boots precious metals prices

Precious metals prices were higher on Monday while base metals prices were mixed as the euro strengthened over the US dollar during the session.

August gold was up $13.20 around the close of floor trade in New York to $886.30 per troy ounce, while July silver jumped 67 cents to $17.23 per troy ounce and July platinum gained 13.70 to $2,050.70 per troy ounce.

The dollar’s declines also made copper a more attractive investment, sending September copper 7 cents higher to $3.66 per pound in New York while three-month copper in London added $130 in afternoon trade there to $8,110 per tonne even though London Metal Exchange inventories added 875 tonnes on the day to 122,050 tonnes.

Otherwise, base metals prices were mixed in late-day trade in London, with aluminium adding $22 to $2,967 per tonne and tin up $750 to $21,750 per tonne even as zinc fell $30 to $1,870 per tone and nickel dropped $150 to $23,850 per tonne.

Lead was weaker early as LME stockpiles saw gains, but later in the afternoon it was trading even at $1,775 per tonne.