Gold prices fall on stronger dollar

The price of both gold and silver fell on Thursday in New York, with the decline of gold blamed on a stronger dollar.

August gold dropped $4.80 to $650.60 per troy ounce, as analysts predicted that it will continue to decline as long as the dollar continues to strengthen.

Meanwhile, September silver was down 11 cents to $12.58 per troy ounce. On the other hand, October platinum added $9.60 to $1,303.80.

In base metals, copper prices were higher in New York.

September copper added 5 cents to $3.59 per pound, the best finish since May 11.

The gains came on continuing supply concerns as miners in Mexico staged a one-day strike.

Meanwhile, a two-day strike is scheduled for Peru next week.

In London, copper prices added $35 per tonne as London Metal Exchange inventories dropped 2.2 percent on the session.

Among other base metals, aluminium added 0.2 percent in London to $2,785 per tonne in London.

Nickel and zinc prices remained steady, while lead dropped 1.4 percent to $2,850 per tonne even though it had set a new record at $2,920 per tonne earlier in the day on supply disruptions in Australia and strong Chinese demand.