Metals prices follow oil lower

Precious metals prices were lower Wednesday, with gold declining as falling oil prices reduced demand for the metal as a safe haven against inflation.

August gold was down $9.20 to $882..40 per troy ounce, while September silver was 15 cents lower to $16.59 and October platinum dropped $22.50 to $2,009.

In base metals, copper also followed oil lower.

September copper was down 1 cent to $3.77 per pound in New York, while three-month copper dropped $100 to $8,300 per tonne in London even though London Metal Exchange stockpiles dropped 525 tonnes on the session to 122,625 tonnes.