Gold, silver see gains in New York

Gold prices rose in New York Monday on the possibility that recent price declines will make the metal more attractive to both jewelers and investors, and after the US dollar weakened.

December gold was up $12.90 to $805 per troy ounce in New York just before the close of floor trade, while December silver gained 29 cents to $13.22.

Earlier, in late morning trade, October platinum was up $1.80 to $1,390 per troy ounce after demand as an inflation hedge rose and as oil prices rose early on weather concerns before declining later in the session as it looked as if Tropical Storm Fay would barely rise to hurricane status and would miss key oil facilities.

Also in morning trade, palladium was down $1.60 to $283.20 per troy ounce after having dropped 14 percent last week and falling 26 percent since the beginning of August.

Meanwhile, among base metals, December copper was 1 cent lower to $3.31 per pound in afternoon trade in New York.