Precious metals gain; copper prices decline

Precious metals ended the session higher in New York on Thursday after the dollar declined in relation to the euro for the third consecutive session as the European Central Bank issued its latest interest rate decision.

The ECB left Eurozone interest rates at 4 percent although the door was kept open for further rate hikes later on by comments from the Bank’s president.

December gold ended the session $3.90 higher to $837.40 per troy ounce; it had been up by nearly $11 to $844 per troy ounce in mid-morning trade.

Silver for December delivery, up 42 cents to $15.74 per troy ounce in morning trade, ended the session with a gain of 21 cents to $15.53 per troy ounce.

Meanwhile, January platinum added $11.30 to $1,473.60 per troy ounce.

Among base metals, copper declined again on more gains in London Metal Exchange stockpiles, which added 1,700 tonnes during the session to 170,875 tonnes.

Copper inventories in LME warehouses are up by 1.5 percent just this week, while the price for copper has dropped 21 percent in New York since May’s record high of $4.04 per pound.

December copper fell 6 percent on the session to $3.20 per pound in New York, while three-month copper in London dropped $115 to $7,200 per tonne.