Gold drops on demand concerns

Most metals prices were lower on Wednesday.

Precious metals dropped on worries that declines in equities markets will also dent demand for metals purchased as investments.

December gold dropped 60 cents in New York trade to $690.90 per troy ounce, while Decmeber silver fell 9 cents to $12.36 per troy ounce.

On the other hand, platinum was up in early trade as demand from the auto industry was expected to be up based on auto sales figures.

Among base metals, copper dropped 4 cents to $3.26 per pound in New York and London Metal Exchange prices for three-month copper fell $150 to $7,160 per tonne on continuing demand concerns.

Nickel was down for the third day in a row in London, falling $1,100 to $27,600 per tonne during the session in London on price cuts for stainless steel.

Lead and zinc were also lower in London, dropping by $19 to $2,980 per tonne and by $70 to $2,880 per tonne respectively, while aluminium held steady at $2,451 per tonne and tin added $25 to $14,700 per tonne.