New York gold down, then gains after hours following Fed decision

December contracts for gold were lower during the floor trade session in New York on Tuesday, but prices were higher in electronic trade after the close, after the US Federal Reserve left interest rates at record-low levels and said it will use funds from maturing mortgage-backed securities it has invested in to buy government debt on a small scale in hopes of stimulating the US economy.

The December contracts traded in a range between $1,192.50 per troy ounce and $1,204.10 per troy ounce during floor trade in New York and ended the session down $4.60 to $1,198 per troy ounce, but it has been recently reported at $1,207.80 per troy ounce in after-hours electronic trade.

Meanwhile, base metals prices fell, following declines for copper on a report of weaker non-farm productivity in the United States and after a strengthening US dollar made metals more expensive for buyers using other currencies for their purchases.

September copper fell 4 cents to $3.31 per pound in New York trade, while three-month contracts were down $130 to $7,295 per tonne on the London Metal Exchange after going as low as $7,223.50 per tonne earlier in the session.

The declines for copper came even though inventories were down another 1,200 tonnes on the session.

Aluminium dropped $12 to $2,170 per tonne in London although LME-monitored stockpiles were down by 5,175 tonnes, while zinc was down $65 to $2,085 per tonne, lead was $75 lower to $2,125 per tonne, nickel fell $600 to $22,200 per tonne and tin dropped $700 to $20,600 per tonne.