Precious metals prices lower on stronger dollar, cheaper oil

Precious metals prices were lower on Tuesday as the US dollar strengthened and oil prices dropped, reducing the demand for metals as a safe place to invest money in the face of inflation concerns.

At shortly before the close of floor trade in New York, June gold was down $19.20 to $906.60 per troy ounce while July silver fell 83 cents to $17.47 per troy ounce and July platinum dropped $3.80 to $2,180 per troy ounce.

In mid-morning trade palladium, which like platinum is used in jewelry making and in the manufacture of motor vehicle pollution control devices, had dropped $8.25 to $453 per troy ounce.

Among base metals, copper was also lower, dropping 2 cents to $3.72 per pound in New York.