Gold gains on safe-haven status
by Elaine Frei
Precious metals prices were higher Wednesday as demand increased on investor worries that even if Congress passes a bailout for the US financial sector, it won’t be enough to stop the damage to the global economy.
European Central Bank president Jean-Claude Trichet added his voice to those calling for passage of a bailout to try stabilize the economy.
December gold was up $7.20 to $888 per troy ounce on its reputation as a safe place to put money in times of trouble, while December silver added 50 cents to $12.77 per troy ounce and January platinum gained $14.60 to $1,043.10 per troy ounce in New York trade.
Earlier in the session, December palladium also saw gains, adding $10.20 to $212.90 per troy ounce.
Meanwhile among base metals, December copper dropped 9 cents to $2.79 per pound in New York while three-month copper fell $215 to $6,145 per tonne in London.
Copper prices were lower on concerns about demand and on speculation about a strike at a Canadian mine operated by Xstrata (LSE: XTA).
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