Gold gains after slight declines early

Metals prices were mixed Tuesday as gold gained after falling below $1,100 per troy ounce for a time during the session.

December gold was up $1.10 to $1,102.50 per troy ounce in New York, at least partly on a Goldman Sachs prediction that gold prices could rise to between $1,150 and $1,200 per troy ounce.

But while gold prices were higher, December silver fell 26 cents to $17.23 per troy ounce, January platinum was down $16 to $1,351.20 per troy ounce and, in mid-morning trade in New York, December palladium dropped $1.60 to $334.35 per troy ounce.

December copper was down 1 cent to $2.96 per pound in New York trade, while three-month copper fell $10 to $6,530 per tonne in London as London Metal Exchange inventories of the metal used in construction and manufacturing added another 4,675 tonnes on the session to rise to 394,150 tonnes in storage, the highest level in six months.

Lead prices were $12 lower to $2,288 per tonne in London, while nickel fell $605 to $16,825 per tonne, but zinc added $1 to $2,161 per tonne, aluminium was up $8 to $1,960 per tonne and tin gained $75 to $14,825 per tonne on Tuesday’s session.