Metals prices lower on session

Precious metals prices were lower on Monday even though both gold and platinum came back from bigger declines earlier in the session.

April gold was down $2.20 to $972 per troy ounce Monday afternoon after going as low as $961.90 earlier, with most of the losses erased after crude oil soared to a new record at over $108 per barrel before falling back slightly but remaining over $107 per barrel.

Meanwhile, April platinum was down nearly $100 in morning trade on hopes that South African production will increase after last week’s promise from the state-owned energy company there that it will increase power supplies to mines.

Platinum prices rose later in the New York session but remained $2.60 lower to $2,039.10 per troy ounce.

May silver was also lower, falling 47 cents to $19.78 per troy ounce.

Among base metals, May copper fell 13 cents to $3.80 per pound.