Gold, copper see price declines

Metals prices were down on Tuesday. A strengthening US dollar took gold prices down over 2 percent to $627.95/$628.95 per troy ounce. Gold has lost over $100 from the 25-year high it achieved last month.

In base metals, meanwhile, copper also lost over 2 percent to $7,550 per tonne. It has lost in excess of 16 percent in the past month. Worries over copper supplies continue, however, as Freeport-McMoRan Copper & Gold Inc has said that output at its Indonesian mine would be 16 percent lower than earlier estimates and Grupo Mexico has announced that it would not be able to meet its June and July contract obligations.