Gold falls on session, ends year higher

Precious metals prices were mixed in New York on Monday.

February gold was down $4.70 to $838 per troy ounce as the US dollar saw gains versus the euro on the news that existing home sales were up in the United States in November.

Despite the day’s decline, US gold ended higher for the seventh year in a row and some analysts were predicting that it would hit all-time highs in the first quarter of 2008.

April platinum also saw declines, dropping $14.10 to $1,525.40 per troy ounce.

March silver, however, added 3 cents to $14.92 to cap its seventh consecutive year of gains.

Among base metals, March copper dropped 3 cents to $3.04 per pound in New York.

While copper prices ended the year 6.4 percent higher than they began, it was the smallest yearly gain since 2001 after a year in which the housing market slump led to less demand for the metal.

Builders constitute the biggest market for copper in the US, with around 400 pounds of the metal used in the construction of the average home.