Precious, base metals prices decline

Precious metals prices were lower in New York on Thursday after the US dollar strengthened against the euro and the pound.

The dollar gained on reports showing that both retail sales and producer prices were up more than had been expected in November.

February gold dropped $14.80 to $804 per troy ounce on the Comex division of the New York Mercantile Exchange, while March silver was 59 cents lower to $14.24 per troy ounce.

January platinum was down $8.20 to $1,471.60 per troy ounce, while earlier in the session March palladium was $4.85 lower to $347.60 per troy ounce.

Prices for base metals also declined.

Copper dropped for the fourth session in a row, although declines were cut back after reports of two early-morning earthquakes in Chile, the world’s leading copper producer.

The quakes, measured at magnitudes of 4.9 and 6.2 were 36 miles deep and no damages or injuries were reported and mining companies in the region said that their operations were not affected by the tremors.

March copper in New York dropped 7 cents to $2.96 per pound, while three-month copper in London was down $190 to $6,530 per tonne.

Zinc was $85 lower to $2,375 per tonne while lead fell $115 to $2,455 per tonne and nickel dropped $650 per tonne to $25,650.