Gold sets new price records in London, New York

Metals prices were higher Wednesday, with gold again reaching new highs in both London and New York.

February gold added $12.80 to $1,213 per troy ounce in New York trade after rising as high as $1,216.75 per troy ounce in London and to $1,218.40 per troy ounce earlier in the session in New York.

Among other precious metals, March silver was up 12 cents to $19.33 per troy ounce and January platinum was $19.70 higher to $1,506.30 per troy ounce, while in earlier mid-morning trade March palladium gained $9.10 to $393.05 per troy ounce.

Copper prices were up after positive comments from Goldman Sachs, coming on the heels of reports yesterday that manufacturing grew in both China and the United States last month, leading to hopes that demand will expand.

March copper was up 3 cents to $3.26 per pound in New York trade, while three-month copper was up to $7,130 per tonne on the London Metal Exchange.

Zinc, aluminium, nickel and tin were also higher, while lead prices dropped on the session.