Gold sees gains as silver, platinum decline

Gold prices were up in New York on Tuesday as the dollar fell in relation to the euro after the Federal Reserved issued a surprise cut in US interest rates, but other precious metals declined on the session.

February gold added $8.60 to $890.30 per troy ounce after going as low as $849.50 earlier, while gold for immediate delivery added $25.70 to $890.70 per troy ounce after the close of floor trade in New York.

March silver was 11 cents lower to $16.11 per troy ounce, a decline of 0.7 percent, but it was down as much as 5.9 percent during the session.

April platinum fell $6.90 to $1,558.60 per troy ounce.

Meanwhile among base metals, March copper was 4 cents lower to $3.20 per pound in New York on fears that the Fed’s surprise rate cut will not be enough to avoid a recession.

The 4 cent decline for copper was better than prices that fell to as low as $3.01 per pound in electronic trade overnight.

Three-month copper on the London Metal Exchange, on the other hand, was up 2.2 percent to $7,020 per tonne after inventories in LME warehouses fell 2,050 during the day to 178,850 tonnes.