Gold adds almost $9 in New York

Precious metals prices were higher Thursday as equities markets declined in both Europe and the United States, making precious metals look like a much safer, more stable place for investors to put their cash.

February gold added $8.70 to $858.80 per troy ounce in New York, while March silver was up 4 cents to $11.37 per troy ounce, April platinum was $7.30 higher to $934.90 per troy ounce and March palladium gained 40 cents to $184.80 per troy ounce.

Among base metals, meanwhile, March copper was down 4 cents to $1.40 per pound in New York.

The decline came on new Commerce Department data showing that US home construction dropped by 15.5 percent in December, and on another gain in first-time jobless claims last week as reported by the Labor Department.

The Labor Department’s report showed that first-time unemployment filings were at 589,000 last week, more than had been anticipated, and that 4.6 million individuals were receiving unemployment benefits, almost 2 million more than were on US unemployment rolls last year at the same time.