Gold, silver prices decline in New York

Metals prices were lower on a slow trade day in which the London Metal Exchange was closed for a public holiday.

December gold was $7.70 lower to $825.70 per troy ounce in New York, falling on sentiment that last week’s price gains were too much too quickly.  Gold prices are now 1.5 percent lower than they were at the beginning of the year.

Silver for December delivery was also lower, falling 11 cents to $13.47 per troy ounce, and is now down 9.7 percent since January.

December copper traded even at $3.46 per pound in New York in early afternoon trade, while it was a bit higher in early trade on the news that existing home sales were up 3.1 percent in the most recent data.