Gold gains on economic, political issues

The price of gold was higher in New York on Thursday as the US dollar weakened.

Other issues tending to send gold higher included higher yields on US Treasury bonds, concerns that inflation will rise, geopolitical concerns over North Korea’s continuation of missile testing and reinstatement of its nuclear program, and the decision by the World Health Organization to declare a pandemic over the spread of the H1N1 flu.

August gold was $7.50 higher to $962 per troy ounce in New York trade, while July silver added 27 cents to $15.49 per troy ounce.

Meanwhile, July platinum fell 10 cents to $1,273.10 per troy ounce after being down $5.10 to $1,268.10 per troy ounce earlier on profit-taking after recent gains.

In morning trade, palladium added 25 cents to $259 per troy ounce.

Among base metals, July copper was up 8 cents to $2.45 per pound in New York trade.