Gold prices see slight rise in New York

The price of gold rose slightly in New York Friday as demand for the precious metal increased as a safe place to put money after the US dollar declined and on the news that the unemployment rate rose to its highest level in over 14 years in October.

December gold was $2 higher to $734.20 per troy ounce at the close of floor trade in New York while December silver dropped 9 cents to $9.96 per troy ounce and January platinum gained $13.70 to $852 per troy ounce.

Most base metals prices fell on the session following copper lower after the US Labor Department said that 240,000 jobs were lost in the US in October.

December copper was down 3 cents to $1.70 per pound in New York while three-month copper was down $50 to $3,755 per tonne after earlier gains.

Copper has lost more than 50 percent of its value since it hit a record high at the beginning of July.

Zinc dropped about $8 to trade at around $1,092 per tonne while aluminium was down $79 to $1,960 per tonne, lead fell $98 to $1,361 per tonne and nickel plummeted approximately $405 to trade in a range around $10,975/$11,000.

Tin was higher than Thursday‘s close, trading around $14,600/$14,700 per tonne in London.