Gold down slightly in NY on stronger dollar

The price of gold fell slightly in New York, hurt by a stronger dollar versus the euro on the likelihood that Thursday’s meeting of European Union policymakers will not result in an agreement to help Greece with its mounting debt problems.

The gains by the dollar made gold look less interesting as an investment, sending the precious metal 90 cents lower to $1,076.30 per troy ounce.

March silver was also lower, falling 14 cents to $15.30 per troy ounce, but April platinum managed to add $11 to $1,513.40 per troy ounce.

Among base metals, March copper traded about even at $2.99 per pound in New York, while three-month contracts for the metal in London fell $50 to $6,540 per tonne.

Earlier in the session, copper on the London Metal Exchange was as high as $6,673.50 per tonne, but prices fell after US Federal Reserve Chairman Ben Bernanke released written remarks addressing moves to end economic stimulus in the United States.

The price of copper might have fallen more, but China’s imports of unwrought copper and partially finished copper products were reported to have fallen 21 percent in January, a big decline but not as big a drop as had been expected.

Aluminium prices also fell, dropping $26 to $2,030 per tonne as inventories remained above 4.6 million tonnes despite a decline on the session of 5,750 tonnes.

Other base metals prices were higher, including a gain of $10 to $2,114 per tonne for zinc, while lead added $12.50 to $2.045 per tonne, nickel was up $160 to $17,550 per tonne and tin was $200 higher to $15,700 per tonne.