Gold, other metals prices see declines

The price of gold fell on Thursday, pushed down by a stronger US dollar, but not before it rose to another new record high at $1,123.40 per troy ounce.

December gold settled $7.90 lower to $1,106.60 per troy ounce, while December silver was down 28 cents to $17.27 per troy ounce and January platinum dropped $6.40 to $1,363.20 per troy ounce.

Meanwhile, base metals prices also fell as inventories for copper and nickel raised new concerns about demand, but the price declines were limited by a US unemployment report that had first-time claims lower than last week and down more than analysts had anticipated, and in the case of copper by another mine workers’ strike, this time in Zambia.

March copper was 2 cents lower to $2.97 per pound in New York while three-month contracts on the London Metal Exchange were down $37 to $6,503 per tonne after going as low as $6,468 per pound earlier in the session after LME inventories added 4,800 tonnes to 402,125 tonnes, their highest level since April.

Also hurting copper prices was a report that imports of copper into China dropped by 34 percent in October from September, exacerbating demand concerns.

Nickel inventories also rose, to their highest level since 1995, dropping prices by $660 to $16,190 per tonne after going as low as $15,975 per tonne earlier in the session.

Aluminium was down $16 to $1,948 per tonne even though inventories fell on the session, while zinc was down $34 to $2,150 per tonne, lead was $44.50 lower to $2,260 per tonne and tin dropped $75 to $14,650 per tonne.