Gold, most base metals see price gains

Metals prices were mixed Friday as gold and most base metals were higher, but other precious metals saw declines on the session.

Gold was up as investors bet that the US dollar will decline more than it already has, making gold seem like a better place to put their cash.

Decmeber gold added $4.90 to $1,146.80 per troy ounce in New York, but December silver was 2 cents lower to $18.44 per troy ounce and January platinum was down $2 to $1,441.90 per troy ounce.

Earlier, in midday trade, December contracts for palladium had dropped $4.90 to $365 per troy ounce.

Among base metals, March copper added 3 cents to trade at $3.13 per pound in New York, after earlier declines, as concerns about inflation made the metal used in manufacturing and construction seem like a good bet.

Meanwhile, three-month contracts for copper added $50 to $6,845 per tonne on the London Metal Exchange, but gains in both London and New York were limited by another gain in LME-monitored inventories to 421,875 tonnes that reiterated continuing concerns that demand is still weak.

Most other base metals prices were also higher in London, but the nickel prices were lower.