Metals prices down on week

Metals prices were higher on Friday but ended the week lower as the US Federal Reserve moved to cut the discount rate, the interest rate that governs direct loans by the Fed to banks and said that it would take further action to steady the markets if necessary.

The day’s gains came after commodities saw their biggest one-day decline in at least fifty years.

Among precious metals, December gold closed $8.80 higher to $666.80 per troy ounce in New York, while September silver added 31 cents to $11.80 per troy ounce and October platinum was up $1.60 to $1,231.60 per troy ounce.

Earlier palladium, which like platinum is used in jewelry and in the manufacture of air-pollution control devices for motor vehicles, was $7.60 higher to $335.45 in mid-morning trade.

Among base metals, December copper added 6 cents to $3.15 per pound in New York, while three-month copper on the London Metal Exchange fell $270 to $7,101 per tonne ($3.18 per pound).

LME copper remained, however, 6.1 percent lower on the week.

Aluminium was down 3.9 percent on the week to $2,497 per tonne, while tin dropped 14.2 percent over the past five sessions to trade at $13,550.