Gold drops nearly $3 as USD recovers

Precious metals prices were lower in New York on Friday as the US dollar gained on the euro, yen and sterling.

Gold for December delivery was $2.90 lower to $753.80 per troy ounce, while Decmeber silver dropped 8 cents to $13.80 per troy ounce, sending its gain so far this year to 7.5 percent.

January platinum was down $6.20 to $1,414.20 per troy ounce after reaching $1,425.30 per troy ounce on Thursday and December palladium fell $6.45 to $379.50 per troy ounce on the session.

Copper prices fell in New York, dropping 2 cents to $3.65 per pound, while three-month copper on the London Metal Exchange closed at $8,060 per tonne as LME stockpiles added 2,300 tonnes to 138,150 tonnes.

Lead was also lower, dropping $15 to $3,820 per tonne on profit-taking.

LME tin added $450 to $16,350 per tonne while aluminium gained $32 to $2,502 per tonne after going as high as $2,515 per tonne during the session, zinc was $30 higher to $3,105 and nickel added $100 to $32,000.

West Texas Intermediate crude for November delivery added 61 cents to $83.69 per barrel on the New York Mercantile Exchange after rising to a new high of $84.05 per barrel during the session Friday, while Brent crude ended the session 44 cents higher to $80.21 per barrel after going as high as $80.50 per barrel earlier in the day on the Intercontinental Exchange in London.

Nymex November gasoline added 2 cents to $2.09 per gallon, while December heating oil traded even at $2.27 per gallon and November natural gas jumped 10 cents to $6.97 per million British thermal units.

The gains came on continuing tensions along the Northern Iraq border between Turkish troops and the Kurdish controlled are of Iraq, a region of significant oil production, as well as worries about winter oil supplies.

Among agricultural commodities, December corn on the Chicago Board of Trade added 7.25 cents to $3.51 per bushel, but November soybeans were 4.75 percent lower to $9.7675 per bushel and December wheat dropped 25.5 cents to $8.575 per bushel.

Story link: Gold drops nearly $3 as USD recovers