Gold up on weak dollar, oil price gains

Metals prices saw gains Thursday as the US dollar weakened and oil prices rose, trading more than $5 over Wednesday’s close in afternoon trade in New York.

December gold was up $20.40 just before the close of floor trade in New York to trade at $836.70 per troy ounce, while December silver was 67 cents higher to $13.83 per troy ounce and October platinum gained $89.90 to $1,485.80 per troy ounce.

Copper prices were up 14 cents to $3.54 per pound in New York while three-month copper added $355 to $7,865 per tonne on the London Metal Exchange even though LME stockpiles added 400 tonnes on the session and worries persist about slow demand in China.

Aluminium added $86 to $2,848 per tonne while zinc was up $130 to $1,880 per tonne on news that an Australian producer will cut production nearly in half due to recent low prices and lead was $165 higher to $1,905 per tonne.

Tin jumped $1,315 to trade in a range around $21,790/$21,810 per tonne at the close of trade in London on an announcement that one producer will not be able to meet earlier production forecasts, while nickel gained $1,595 to $21,495 per tonne.