Gold, silver see gains
by Elaine Frei
Gold and silver prices were both higher Friday as equities markets and the US dollar declined and as oil prices soared on continuing geopolitical concerns in Africa and the Middle East.
August gold added $18.60 to $960.66 per troy ounce after going as high as $969.10 per troy ounce earlier in the session, while September silver gained 50 cents to $18.82 per troy ounce.
Among base metals, September copper was up 2 cents to $3.74 per pound in New York while three-month copper was $40 higher to $8,270 per tonne in London after stockpiles in London Metal Exchange warehouses dropped 725 tonnes to 124,125 tonnes on the session.
The gains for copper came not only on declines in the dollar but on supply worries brought about by plans for yet another strike, scheduled to begin July 16 at a mine owned by Freeport-McMoRan (NYSE: FCX), where workers are asking for better working conditions and reinstatement for some fired workers.
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