Gold ends lower in New York

June contracts for gold in New York were down $13.50 to $1,214.60 per troy ounce in Tuesday’s trade, after going as low as $1,206.60 per troy ounce and as high as $1,229 earlier in a volatile session.

Most buying of gold was for investment purposes rather than physical purchases by jewelers as prices remained high.

The declines for gold came as investors were willing to make more risky trades rather than seeking safety for the cash in gold but some analysts said that despite the decline, remaining concerns over economies in Europe generally and the value of the euro in particular will continue to send gold prices higher.

Even though gold declined, other precious metals saw gains in the session.

July silver was 2 cents higher to $18.88 per troy ounce in New York, while July platinum added $23.80 to $1,687 per troy ounce and June palladium gained 50 cents to $504.10 per troy ounce.

July copper was up 10 cents to $3.03 per pound in New York trade, while three-month contracts for the metal used in manufacturing and construction were up to $6,670 per tonne on the London Metal Exchange after falling 6.6 percent to $6,470 per tonne on Monday.