Metals prices fall on economy concerns

Metals prices were lower on Tuesday after the US dollar gained ground on the euro as the European Central Bank injected money into the banking system for the fourth session in a row.

December gold was $1.20 lower to $678.70 per troy ounce in New York as analysts said that the market for the precious metal was worried about the amount of cash being injected into the market.

September silver was down 11 cents to $12.75 per troy ounce, while October platinum was $10.10 lower to trade at $1,277 per troy ounce on demand concerns and September palladium dropped $3.45 to $354.70 per troy ounce.

Among base metals, the price of copper fell 7 cents to $3.36 per pound, also on worries that demand will decline with slower economic growth, while its price in London dropped 1.8 percent to $7,420 per tonne.

Aluminium and nickel were both 1.4 percent lower in London, to $2.,458 per tonne and $27,110 per tonne respectively, while lead fell 0.3 percent to $2,010 per tonne.

Tin was down 8.3 percent in London to $14,100 per tonne, down from a new record high of $17,050 per tonne set last week.