Gold drops with equities markets

Precious metals prices were mostly lower in New York on Wednesday, with December gold down $3.40 to $675.90 per troy ounce in early afternoon trade.

The decline came on worries that the falling equities markets could mean less demand for gold.

September silver was also lower, dropping 6 cents to $12.96 per troy ounce.

October platinum was substantially lower, down $11.70 to $1,290.90 per troy ounce after workers at Johannesburg-based Impala Platinum Holdings approved a wages offer and avoided a strike.

Only palladium saw gains, adding $1.40 to $368.30 per ounce.

Meanwhile among base metals, September copper was 6 cents lower to $3.59 per pound on fears that the declining equities markets could hurt the overall economy, while in London three-month copper dropped 1.6 percent to $7,865 per tonne.

Also in London, tin fell 1.7 percent to $15,825 per tonne, while nickel was 1.9 percent lower to $30,800 per tonne.