Precious metals, copper decline in New York

Metals prices were lower in New York on Monday after warnings from the G7 summit that problems in the credit markets will slow economic growth globally, raising a fear that the demand for commodities, including metals, will decline.

December gold was $8.40 lower to $760 per troy ounce at the end of floor trade in New York, while December silver was down 8 cents to $13.56 and January platinum fell $8.80 to $1,439.80.

Among base metals, meanwhile, copper dropped 7 cents to $3.49 per pound in New York while three-month contracts for the metal on the London Metal Exchange fell $100 to $7,760 per tonne after slipping to $7,665 per tonne earlier in the session.

LME warehouses added 2,150 tonnes to inventories in storage to a total of 151,100 tonnes.