Gold, platinum trade lower

Precious metals prices were mixed in New York on Friday.

December gold dropped 10 cents to $717.80 per troy ounce after the US dollar gained on indications that while US interest rates will likely drop when the Federal Reserve meets next Tuesday, that cut will only amount to a quarter of a percent rather than the half percent that many analysts had been predicted earlier.

October platinum was also lower, falling 70 cents to $1,299.20 per troy ounce.

The decline in the price of platinum came after Japanese carmaker Daihatsu Motor (TYO: 7262) reported that it has developed a new fuel cell that does not require the metal in its construction, raising concerns that demand for the metal could decline.

On the other hand, December silver was three cents higher to $1271 per troy ounce.

Among base metals, copper traded even at $3.39 per pound in New York.