Platinum prices gain on home construction data

The price of platinum was higher Friday as investors hoped that the economy will recover soon, based on new data from the US Department of Labor which showed that home construction in the United States was up in June by the most in 5 years.

New home and apartment construction was up 3.6 percent during the month to its highest level in 7 months.

The gains in platinum, which added $6.80 to $1,176.10 per troy ounce for October contracts, came on speculation that as the economy recovers, there will be more demand for the metal for use in the manufacture of pollution control devices for cars and trucks and for jewelry making.

September palladium, however, was $1.25 percent lower to $249 per troy ounce.

Palladium is also used in jewelry making and in the manufacture of motor vehicle pollution control devices.

Gold and silver prices were up on the session as August gold added $2.10 in New York trade to $937.50 per troy ounce while September silver gained 17 cents to $13.40 per troy ounce.

Meanwhile among base metals, September copper added three cents to $2.42 per pound.