Gold, silver prices see declines

Metals prices were mixed on Wednesday, with precious metals lower but most base metals seeing gains.

December gold was $3.60 lower to $882.50 per troy ounce in New York as oil prices continued to decline, while September silver dropped 7 cents to $16.51 per troy ounce.

Among base metals, December copper added 1 cent to $3.42 per pound in New York but three-month copper was down around $5 to $7,615 per tonne in London as inventories added another 1,575 tonnes to the highest level since mid-February.

The gains for copper on New York markets came on the belief that the Federal Reserve will take action to stabilize the US economy, making investors worry less about demand declines in a weakening economy and after Chile’s state owned miner, Codelco, said that output could decline for a fourth consecutive year, partly due to the effect of recent strikes.

Aluminium was up $6 to $2,906 per tonne while zinc added $19 to $1,765 per tonne and lead gained $50 to $2,065 per tonne.