Gold prices lower as other metals see gains

Prices for base metals and most precious metals were higher Friday as investors bet that gains in equities markets mean that demand for metals used in industry will increase.

Gold, which does not have as many industrial uses as other precious metals saw declines in New York trade, where it dropped $4.80 to $879.50 per troy ounce for February contracts after the US dollar gained on the euro during the day.

March silver, on the other hand, added 20 cents to $11.49 per troy ounce while April platinum was up $5.20 to $946.70 per troy ounce and March palladium gained $3.60 to $192.30 per troy ounce.

Meanwhile, among base metals, March copper was up 5 cents to $1.46 per pound in New York trade while at late afternoon in London, three-month copper was up $180 to $3,250 per tonne.

At the same time three-month nickel gained $1,400, or 12 percent, to $13.100 per tonne even though nickel inventories on the London Metal Exchange added 432 tonnes to reach their highest level since 1995.

Aluminium, lead and tin were all higher as well, with aluminium adding $40.50 to $1,580.50 per tonne.