Gold drops half a dollar in New York

Precious metals prices were mostly lower Monday.

December gold was 50 cents lower to $742 per troy ounce in New York as US equities markets rose from earlier lows that had send prices for gold higher.

Also seeing declines were December silver, with a decline of 16 cents to $9.33 per troy ounce and January platinum, which dropped $24.50 to $820.60 per troy ounce.

December palladium was higher in midday trade as it added $1.10 to $217.75 per troy ounce.

Meanwhile among base metals, March copper was down 5 cents to $1.67 per pound and three-month copper on the London Metal Exchange dropped $160 to $3,660 per tonne, or $1.66 per pound, on falling demand as investors remained worried that the global economy will not improve anytime soon.

Sentiment was dented by the announcement from the Japanese government that its economy is officially in recession.