Platinum, palladium decline on demand concerns

Precious metals prices were lower Thursday in New York as the dollar strengthened in relation to the euro.

October platinum hit its lowest price in almost two years at $1,121.10 per troy ounce before gaining back some of its declines to trade $39.80 below Wednesday’s close to $1,152.20.

At the same time, palladium reached its lowest level in nearly three years when it dropped to $217.25 per troy ounce before coming back to trade at $225.50 per troy ounce in mid-morning trade.

With both metals used in the manufacture of pollution-control devices for cars and trucks, lagging sales in the US have produced worries about demand.

December gold was down for the ninth session in a row, falling $17.50 to $745 per troy ounce. on gains in the US dollar in relation to the euro which reduced demand for metals as an investment, while silver dropped 34 cents to $10.56 per troy ounce.

Among base metals, December copper added 1 cent to trade at $3.12 per pound in New York.