Gold drops $20 on oil, dollar

Metals prices were mixed Tuesday as gold saw gains on declines in crude oil prices and as the US dollar strengthened in relation to the euro.

Decmeber gold was down $20.60 shortly before the close of floor trade in New York to $887.30 per troy ounce, while September silver dropped 58 cents to $16.56 per troy ounce but October platinum added $21.50 to $1,584.50 per troy ounce.

Among  base metals, three-month copper was down 2 cents to $3.42 per pound in New York, but three-month copper gained around $10 to trade in a range between $7,620/$7,625 per tonne after going as low as $7,530 per tonne earlier in the session on more gains in inventories.

Gains in stockpiles to a nearly two-year high of 161,825 tonnes sent zinc prices down $23 to $1,746 per tonne in London, while nickel was $425 lower to $17,600 per tonne on declines in demand and tin dropped $500 to $20,100 per tonne, taking it 20 percent lower than its mid-May peak.

On the other hand, lead added $15 to $2,015 per tonne while aluminium gained $18 to $2,900 per tonne.