Precious metals prices slide as gold demand falls
by Elaine Frei
Precious metals prices were lower in New York on Thursday after the demand for gold declined as equities markets gained enough that investors were not as worried about finding safe places to put their cash.
Price gains in the recent rally, which took the price of gold above $1,000 per troy ounce for a time, have many investors waiting for better prices to come along, with one analyst predicting that demand could return after gold drops below $920 per troy ounce.
April gold was $23.60 lower on the session to $942.60 per troy once while May silver dropped 94 cents to $12.98 per troy ounce and April platinum fell $7 to $1,053 per troy ounce.
In late morning trade June palladium which, like platinum, is used both in jewelry making and in the manufacture of motor vehicle pollution control devices, was down $4.30 to $196.90 per troy ounce.
Meanwhile, May contracts for copper were 4 cents higher to $1.58 per pound in New York trade.
Related posts to: Precious metals prices slide as gold demand falls
Gold falls on easing inflation fears ...
Gold, silver slide on session ...
Copper prices gain on demand hopes ...
Platinum falls more than $40 in New York ...
Gold falls 1.1 percent on New York session ...
Latest Metals News:Gold ends session lower in New York, but gains on week
Gold prices retreat after setting new intraday high
Gold closes at $1,666 per ounce in New York trade
Gold prices at new records on disappointing US data
Gold prices lower but comes off session lows on manufacturing data
Gold sets new intraday, closing highs to end trading week in New York
Copper rises; precious metals prices see declines
Gold prices drop on profit-taking, stronger US dollar
$1,616.80 per troy ounce: Another record high for gold
Gold trades as high as $1,624.30 per ounce in New York
Previous: « Base metals prices gain on demand hopes
Next: Copper lower on US economic data »
Visited 3686 times, 1 so far today