Gold prices decline on stronger USD

The price for December contracts for gold in New York dropped $6.70 Thursday to $1,013.50 per troy ounce.

The declines came after prices went as high as $1,025.80 per troy ounce earlier as the US dollar gained strength.

Silver and platinum both gained early in the session as well, but by the close of the floor session in New York December silver had dropped 17 cents from Wednesday’s close to $17.27 per troy ounce while October platinum was down $8.60 to $1,341 per troy ounce.

In morning trade, December palladium had added $7.10 to $307.60 per troy ounce.

Meanwhile, among base metals, copper and lead prices declined, but zinc, aluminium, nickel, and tin were all higher.

December copper was 4 cents lower to $2.90 per pound in New York trade while three-month copper was down $48.50 to $6,371.50 per tonne on the London Metal Exchange.

The decline in the price of copper came after inventories of the metal in LME-monitored warehouses were higher for fifteenth consecutive session, to 324,375 tonnes, their highest level since the end of May.