Gold sets another record high as other metals decline

Most precious metals prices were lower Friday after new data showed that the US unemployment rate rose to 10.2 percent in October, its highest in over 26 years.

Gold prices, however, hit a new record high and went over the $1,100 level for the first time ever at $1,101.90 per troy ounce in morning trade before scaling back to close up $6.70 to $1,096 per troy ounce in New York.

December silver was 4 cents lower to $17.38 per troy ounce while January platinum fell $14.70 to $1,348.20 per troy ounce and, in late-morning trade in New York, December palladium dropped $3.20 to $328.65 per troy ounce.

The declines for platinum and palladium came on concerns that the unemployment rate will mean weaker demand for the metals used for jewelry-making and in the manufacture of pollution-control devices for motor vehicles.

Among base metals, December copper traded even at $2.95 per pound in New York.

The Shanghai Futures Exchange reported that copper inventories in Shanghai-monitored warehouses added 1,440 tonnes this week, to 104,275 tonnes, the highest level in over five years, while aluminium stockpiles there were up by 10,983 tonnes during the week to at least a six year high and zinc stockpiles were up by 8,311 tonnes to a more than two year high.