Gold prices down; other precious metals gain

Gold prices were lower Wednesday but other precious metals managed to come back from declines to end the session higher.

December gold fell $3.40 to $966.30 per troy ounce in New York after trading as low as $961.10 per troy ounce as the US dollar saw little change but equities markets declined and oil prices fell early in the session after the Energy Information Administration said that crude oil inventories were up last week.

September silver ended the session up 7 cents to $14.76 per troy ounce and October platinum gained $16.30 to $1,293.10 per troy ounce, while in late morning trade September palladium dropped $5.45 to $275.45 per troy ounce.

Among base metals, copper was higher on hopes that demand will recover after a report that manufacturing activity in Europe slowed its contraction in July.

September copper added 2 cents to $2.81 per pound while three-month copper gained $173 to $5,223 per tonne on the London Metal Exchange.