Commodity Online
NEW YORK : Gold futures closed higher Thursday in New York ,after paring their gains due to a sell-off in crude oil, on speculation a slowing US economy and higher inflation will boost demand for the precious metal as a store of value.

August delivery rose $8, or 0.8%, to $970.70 an ounce on the Comex division of the New York Mercantile Exchange. The metal has climbed in six of the past seven sessions.

Silver, which has wider industrial applications than gold, fell for the third straight day. The price has gained 26% this year, while gold has climbed 16%.

Silver futures for September delivery fell 7 cents, or 0.4%, to close at $US18.735 an ounce. Earlier, the price gained as much as 2.2%.

Meanwhile, platinum-group metals fell to multi-week lows on worries about the health of the US auto sector as well as reduced worries about electrical shortages in South Africa. October platinum fell $38 to $1900.40 an ounce and bottomed at $1890, its weakest level since May 2.
September palladium declined $5.75 to $426.35 an ounce and hit a low of $421.05 that was its softest level since June 5. September copper rose 6.45c to settle at $3.7150 a pound.

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