Platinum prices gain on China hopes

Platinum prices were higher Monday on hopes that demand will grow in China as its economy recovers from recent declines.

Recovery seems a possibility after new data released last week showed that manufacturing activity in China expanded in April for the first time in nine months.

Prices for platinum and other metals were also higher as the US dollar weakened, making metals seema good alternative place for investors to put their money.

July platinum added $25.60 to $1,122 per troy ounce in New York trade while June palladium, which like platinum is used to make pollution control devices for motor vehicles as well as in jewelry, was up $8.40 to $222.30 per troy ounce.

June gold was $14.30 higher to $902.50 per troy ounce while July silver gained 61 cents to $13.11 per troy ounce.

Among base metals, July copper was up 4 cents to $2.14 per pound in New York.