Metals prices decline on interest rate, strike worries

Metals prices retreated on Tuesday. Gold was down 1.1 percent to $644.20 per troy ounce on technical selling prompted by concerns over interest rates. Platinum dropped 2.1 percent to $1,265 per troy ounce on lack of information on progress to avert a possible strike in South Africa.

Among base metals, copper prices were 1.6 percent lower to $7,362.5 per tonne even though a strike is still possible in Chile over wages and working conditions. Zinc dropped 3.5 percent to $3,405 per tonne, while nickel fell 3.7 percent to $37,650 per tonne. Even though lead hit a new record high at $2,730 per tonne during the session, it closed 4.9 percent lower at $2,580 per tonne.