Precious metals prices decline in New York

Crude oil prices were higher on Friday and West Texas Intermediate Crude topped Brent crude for the first time since February.

At just past 3 p.m. local time, WTI September contracts had added $2.07 to $77.02 per barrel on the New York Mercantile Exchange, while September deliveries of Brent crude were up 62 cents to $75.80 per barrel in London.

In late afternoon trade in New York, August gasoline had added 3 cents $2.10 per gallon, while September heating oil gained 4 cents to $2.09 per gallon and September natural gas was up 13 cents to $6.21 per million British thermal units.

Precious metals prices were lower in New York.

December gold dropped $3.10 to $672 per troy ounce in early afternoon trade .

September silver as also lower, falling 25 cents to $12.70 per troy ounce, while October platinum dropped substantially, trading $41.40 lower to $1,286.70 per troy ounce.

Base metals prices, meanwhile, were mixed.

Copper was higher in New York as it added 2 cents to $3.55 per pound but three-month contracts dropped $15 per tonne during the day in London and fell 4.4 percent on the week to more than $7,750 per tonne.

The other gainer among base metals was aluminium, which was up $4 to $2,740 per tonne in London.

Three-month lead was around 14 percent lower on the week to $3,000 per tonne in London over the week, with a drop of 2.6 percent on the day’s session, while nickel was 2.1 percent lower on the session, trading at $30,550 per tonne.

Among other base metals, zinc was $42 lower to $3,453 in London, while tin dropped $125 to $15,375 during the day on the LME.

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