Gold adds value on weak dollar
by Elaine Frei
Gold prices were up Tuesday but other precious metals saw declines.
August gold added $4.30 to $891.50 per troy ounce on a weaker dollar and less chance that the Federal Reserve will hike US interest rates anytime soon after new reports showed US consumer confidence down and home prices 15 percent lower in April, having extended declines for 16 consecutive months.
July silver, however, was 13 cents lower to $16.67 per troy ounce while October platinum dropped $14.20 to $2,031.50 per troy ounce.
Among base metals, the price of copper declined on demand concerns after a new report showed that China’s refined copper imports were down 26 percent in May over April.
The price of copper was also hurt by the new consumer confidence data and home price news.
September copper was down 2 cents to $3.79 per pound in New York, while three-month copper dropped $15 to $8,385 per tonne, or $3.80 per pound, on the London Metal Exchange.
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