Gold, silver see declines

Gold prices fell in New York Wednesday on concerns that demand will decline as investors worried that Tuesday’s move by the US Federal Reserve to cut interest rates won’t be enough to moderate economic declines.

Another day of falling equities markets in Europe and the United States added to their apprehension, but there was some speculation that gold could see gains if the Fed continues to cut interest rates.

February gold on the Comex division of the New York Mercantile Exchange was down $7.50 to $882.80 per troy ounce shortly before the close of floor trade.

March silver was also lower, dropping 14 cents to $15.97 per troy ounce in afternoon trade, but April platinum added 50 cents to $1,559.10.

Meanwhile among base metals, March copper was down 12 cents to $3.07 per pound in New York while three-month copper was $160 lower to $6,860 per tonne, or $3.12 per pound, in London.