Gold prices rise as most other metals decline

The price of gold rose in New York on Wednesday as other precious metals prices declined, with the gains coming as equities markets declined and crude oil prices rose again.

Gold also gained as the US dollar declined versus the yen after investors were put off risky carry trades on reports that sales and prices of existing homes in the US dropped much more than expected in September.

December gold added $2.50 to $765.60 per troy ounce after going as high as $767 per troy ounce and dropping as low as $757.70 per troy ounce during the session.

Silver for December delivery was 6 cents lower to $13.59 per troy ounce, while January platinum dropped $10 to $1,443 per troy ounce and December palladium fell $3.75 to $362 per troy ounce.

Among base metals, December copper dropped 6 cents to $3.45 per pound in New York, while three-month copper on the London Metal Exchange was down $105 to $7,690 per tonne, or $3.49 per pound.

Investors were worried that US demand may erode in light of the decline in existing home sales in September and ahead of the report on new home sales due Thursday.

Copper prices are affected by home sales data because significant amounts of copper are used in home construction, mainly in pipes and wiring.