Precious metals prices see gains

Precious metals prices were higher Tuesday, but gold retreated after earlier gains posted when the dollar weakened on new data from the US-based National Association of Realtors showing that pending home sales plunged 16 percent in November.

February gold was up 40 cents to $1,118.70 per troy ounce by the end of floor trade in New York, while March silver added 34 cents to $17.80 per troy ounce.

Platinum added $13.90 to $1,537.80 per troy ounce in New York after ETF Securities said in an official filing that shares of its proposed platinum exchange-traded fund, the first in the US, were purchased by a financial group.

Palladium followed platinum higher in mid-morning trade, with March contracts adding $1.10 to $4.22.50 per troy ounce at around 10 a.m. in New York.

Among base metals, March copper added 1 cent to $3.41 per pound in New York.

However, three-month copper was most recently down slightly over Monday’s close, trading at around $7,485 to $7,490 per tonne on the London Metal Exchange on expectations that a vote by workers in Chile on ending a strike at a Codelco mine will result in an end to the two-day-old strike.

A separate strike at another copper works in Chile ended Monday.