Gold down on stronger US dollar

Both precious metals and base metals prices were mixed Thursday as the dollar strengthened and investors abandoned their investments in commodities.

December gold was down $20.50 to $714.70 per troy ounce in New York after it earlier fell to $695.20 per troy ounce, its lowest level in over a year as investors sold their holdings in the metal to raise cash as the dollar seemed a safer investment than metals.

January platinum was also lower, dropping $44.60 to $812.60 per tonne.

On the other hand silver added 4 cents to $9.50 per troy ounce.

Among base metals, December copper was down 6 cents to $1.80 per pound in New York while afternoon trade found three-month copper down $95 to $4,060 per tonne in London after earlier falling below $4,000 per tonne for the first time in three years when it bottomed out at $3,851 per tonne.

Copper inventories on the London Metal Exchange added 1,500 tonnes while aluminium stockpiles added 3,475 tonnes to their highest level in thirteen years.

Still, aluminium added $8 to trade at $2,013 per tonne in afternoon trade in London after going lower earlier.

Tin was down $50 to $11,500 per tonne and nickel fell $600 to $9,400 per tonne in London’s afternoon trade, but lead added $23.75 to $1,284.75 per tonne and zinc gained $55 to $1,195 per tonne.