Gold drops $11 in New York

Precious metals prices fell on Wednesday, with gold down on a rebound from the US dollar and silver suffering its biggest one-day decline in nearly a month.

August gold was $11 lower in early afternoon trade in New York as it dropped to $673.80 after the US dollar gained 0.9 percent on the euro, it’s biggest one-day gain on the shared currency in almost five months.

The dollar also made gains in relation to sterling and the yen.

Meanwhile, silver fell 29 cents to $13.15 in New York for its biggest percentage decline since June 26.

October platinum also saw a decline as it dropped $2.70 to trade at $1,330.90.