Precious metals gain but base metals see declines

Precious metals were higher in New York on Monday on declines in the US dollar, which dropped on the possibility of a cut in US interest rates and on slowing growth in the US manufacturing sector.

February gold was $5.90 higher to $795 per troy ounce, but gains were limited by oil prices that continue to decline.

March silver added 6 cents to $14.22 per troy ounce, while January platinum gained $17.30 to $1,461.40.

Among base metals, copper was particularly hurt by the declines in the manufacturing sector and by the prospect of a continuing slowing of the US economy and by ongoing gains in London Metal Exchange inventories.

In New York, March copper dropped 11 cents to $3.08 per pound, while three-month copper in London fell $150 to $6,850 per tonne or $3.11 per pound.

Among other industrial metals in late London trade aluminium was down $39 to $2,463 per tonne while lead dropped $95 to $2,965 per tonne and nickel fell $345 to $26.750 per tonne.

Zinc was also lower, to $2,495 per tonne, and tin fell to $16,750 per tonne.