Precious metals prices higher in New York

December gold added $5.10 to $709.70 per troy ounce in New York on Friday after the dollar declined on reports that there were fewer jobs in the US, the first decline in payrolls in 4 years.

December silver was 23 cents higher to $12.76 per troy ounce, while at last report October platinum had gained $6.10 to $1,295 per troy ounce.

Meanwhile among base metals, copper was 5 cents lower to $3.25 per pound in New York, while it dropped $126.50 to $7,173.50 per tonne on the London Metal Exchange.

The US jobs report had the opposite effect on copper that it had on gold because some see it as a sign that the US economy is struggling and that industrial metal demand will fall as a result.

Crude oil prices rode a roller-coaster as close of floor trade approached on the New York Mercantile Exchange after going higher on the worry that the Organization of Oil Exporting Countries will not raise production quotas as supplies remain tight and after the US Labor Department reported that there were 4,000 fewer jobs in the US last month.

West Texas Intermediate crude for October delivery was trading even at $76.30 per barrel at a quarter past 2 pm in on Nymex, but a few minutes before that it was down 2 cents after being up 65 cents at $76.95 per barrel at around a quarter until 2 pm.

Nymex October gasoline was up 2 cents to $2.00 per gallon, while October heating oil traded even at $2.14 per gallon and October natural gas was 16 cents lower to $5.50 per million British thermal units.

December wheat on the Chicago Board of Trade added 4 cents to $8.28 per bushel in late morning trade after setting a new record of $8.49 per bushel Thursday before declining, sending the contract’s gain for the week to 6.9 percent.

Meanwhile, December wheat on the Kansas City Board of Trade also set a record Thursday, at $8 per bushel, before falling back there as well.

Today, December KCBOT wheat added 8 cents to $7.97 per bushel, up 9 percent on the week and 70 percent higher than a year ago.

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