Gold prices continue to climb

Metals prices were mostly higher Monday as the US dollar once again weakened, making metals a less expensive, more attractive investment for those making purchases in other currencies.

Gold set another record high price at $1,111.70 per troy ounce in early trade before backing off to a gain of $5.70 on Decmeber contracts in New York, to $1,101.40 per troy ounce.

December silver added 11 cents to $17.48 per troy ounce while January platinum was up $19 to $1,367.20 per troy ounce and, in mid-morning trade, December palladium gained $2.50 to $333.20 per troy ounce.

Among base metals, copper added 2 cents to trade at $2.97 per pound in New York while three-month copper on the London Metal Exchange was $50 higher to $6,540 per tonne after Codelco, the Chilean state-owned copper company, raised its term premium for its customers in Japan and South Korea by $75 per tonne and $74 per tonne respectively on the expectation that demand in Asia will grow.

Data on industrial activity in Germany also helped, and copper prices were up even though LME inventories grew again, adding another 3,900 tonnes in LME-monitored warehouses.

Elsewhere, tin traded even at $14,750 per tonne in London, while aluminium added $42 to $1,952 per tonne as stockpiles dropped by 2,475 tonnes in London warehouses, lead added $50 to $2,300 per tonne and nickel was up $80 to $17,430 per tonne but zinc dropped $14 to $2,160 per tonne on the session.