Precious metals prices see gains

Metals prices were higher Tuesday as the US dollar declined slightly in relation to the euro and yen in afternoon trade in New York.

October platinum was $16.70 higher to $2,088.70 per troy ounce on concerns about the effect of a smelter closure in South Africa on supply and on plans for upcoming strikes, also in South Africa.

August gold added $16.70 to $945 per troy ounce while September silver gained 77 cents to $18.28 per troy ounce.

Palladium, which is used in jewelry and in the manufacture of pollution control devices for cars and trucks, had added $2 to $466.75 per troy ounce in mid-morning trade in New York.

In base metals, copper prices were up on fears that supplies will tighten if production is reduced in Latin America in response to strikes after a new strike began in Peru on Monday and after union members in Mexico voted to walk out for an hour later in the week and approved a longer strike for later in the year.

September copper was up 3 cents to $3.91 per pound in New York, while three-month copper added $96 to $8,606 per tonne, or $3.90 per pound, in London.