Precious metals prices fall on comments

Precious metals prices were lower Tuesday after statements from Federal Reserve Chairman Ben Bernanke hinted that the economy might be beginning to pull back from steep declines and from US President Barack Obama, who said that efforts by the government to stimulate the economy have begun to show some success.

Prospects of a recovery in the economy reduced demand for gold and other metals as a safer place for investors to put their cash.

June gold was down $3.80 to $892 per troy ounce in New York while May silver was less than a cent lower to $12.77 per troy ounce and July platinum dropped $28.70 to $1,218.30 per troy ounce.

Copper was a cent lower to $2.13 per pound in New York, hurt by declines in New York equities markets, after being as high as $2.24 per pound in earlier trade on continued speculation that stimulus spending in China will improve demand for copper there.

Data released last week showed that imports of refined copper into China were up by 14 percent in March from February.