Gold gains on investor search for safety

Precious metals prices were mixed Monday as gold saw gains as demand by investors grew.

December gold added $33.30 to $866.50 per troy ounce in New York as investors sought safe places to put their money after global equities markets plummeted on a spread of the credit crisis to Europe and as the euro declined in relation to the US dollar.

January platinum was also higher, gaining $20.70 to $986.50 per troy ounce, but December silver dropped 4 cents to $11.29 per troy ounce.

Meanwhile, December copper dropped 20 cents to $2.49 per pound in New York trade while three-month copper dropped $500 to $5,510 per tonne on the London Metal Exchange as investors worried that the global economic downturn will cut demand for the metal used in construction.

Earlier in New York trade, copper fell to $2.46 per pound, its lowest price in nearly two years.