Precious metals prices decline on stronger dollar

Precious metals prices were lower on Tuesday after the US dollar gained as much as 0.6 percent in relation to the euro after nearly two weeks of daily declines and a string of record lows for the greenback versus the shared currency.

December gold dropped $17.80 to $736.30 per troy ounce in New York, its biggest one day-decline since the middle of August coming just a day after it reached the highest level for a most-active contract since January 1980.

Silver for December delivery fell 41 cents to $13.45 per troy ounce.

Even with the declines, gold remains 15 percent on the year so far, while silver is still up 4 percent since the year began.

January platinum plummeted $46.20 to $1,355 per troy ounce on the New York Mercantile Exchange, its biggest one-day decline in almost a year as its appeal as an investment declined as the dollar gained ground.

December palladium was down $8.90 to $353.60 per troy ounce.