Metals prices drop while crude oil prices were mixed

Metals prices were lower on Thursday after the US dollar strengthened on home sales data.

Among precious metals, gold dropped $7 to trade in a range around $653.30/$654.80 per troy ounce by late in the day in London. Gold prices were as low as $651.50 per troy ounce earlier in the session, a two-month low. Platinum prices were lower as well, falling $24 to $1,276 per troy ounce.

Meanwhile, among base metals, three-month copper was down $221 to $6,980 per tonne on the London Metal Exchange, brining its decline to 16 percent since the beginning of May. Zinc dropped $110 to $3,540 per tonne, while nickel fell by more than $1,000 to $45,100 per tonne, its lowest price since early in April.

Crude oil prices were higher in late afternoon trade on the Intercontinental Exchange in London as geopolitical concerns continued. The worries included concerns over the pace of Iran’s uranium enrichment program. Brent crude July contracts added 83 cents to $71.43 per barrel after going as high as $71.80 per barrel earlier in the day.

By mid-afternoon trade on the New York Mercantile Exchange, however, prices for July delivery West Texas Intermediate crude had dropped $1.52 to $64.25 per barrel after reaching $65.80 earlier in the session. June Nymex gasoline had added 5 cents by mid-afternoon, however, to $2.36 per gallon, while Nymex July heating oil dropped 1 cent to $1.93 per gallon. July contracts for Nymex natural gas were also lower, falling 9 cents to $7.85 per million British thermal units.

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