Gold prices fall in New York trade

Precious metals prices were lower in New York on Wednesday as the US dollar again gained on the euro and as crude oil prices fell sharply after a US weekly inventories report showed that crude stockpiles were down less than had been expected last week.

February gold dropped $14 by the end of floor trade on the Comex division of the New York Mercantile Exchange to trade at $807.20 per troy ounce.

December gold contracts were down $13.70 to $800.30 per troy ounce.

March silver was also lower, falling 15 cents to $14.53 per troy ounce, while January platinum was down $15.20 to $1,438.53 per troy ounce.

December palladium dropped $3.05 to $346.25 per troy ounce.

Among base metals, however, March copper gained 4 cents to $3.03 per pound in New York after European and US equities markets rallied, prompting hopes that the economy will not slow much and that metals demand won’t decline.

Three-month copper on the London Metal Exchange was also higher adding $110 to $6,715 per tonne, or $3.05 per pound.