Gold gains, copper declines in mixed day for metals

Metals prices were mixed Friday amid concerns about debt in Europe that continued to cause investor nervousness, as some analysts predicted that fears of more European economies needing bailouts due to growing debt could impact metals markets for months to come.

May copper was down about a cent to $3.10 per pound in afternoon trade in New York, while three-month contracts for the metal used in construction and manufacturing dropped $10 to $6,940 per tonne on the London Metal Exchange.

Tin, aluminium and zinc prices also fell, with zinc $24 lower at the close in London to $2,091 per tonne and aluminium down $31.50 to $2,072.50 per tonne, while tin dropped $100 to $17,600 per tonne.

On the other hand, lead added $41 to $2.042 per tonne, while nickel was up $550 to $22,550 per tonne although it remained 18 percent lower than prices in mid-April.

Among precious metals, gold prices for May contracts rose past $1,200 per troy ounce in New York trade on concerns that debt issues will slow or halt economic recovery not only in Europe, but globally.

Silver added about a cent, to $18.42 per troy ounce, but in late morning trade in New York, platinum was down 7.60 to $1,658.80 per troy ounce and palladium had dropped $8.45 to $505.65 per troy ounce.