NEW YORK (AFX) - Gold and silver prices fell Thursday, ignoring statements from the European Central Bank that it will continue raising interest rates.
Analysts at MKS Finance said in a daily commentary that the metals faced a 'very nervous market' as some small buying was seen early as the euro rallied versus the dollar, but once that dried up, the metals drifted lower.
December gold settled down $7.10 at $657 a troy ounce.
September silver settled down 15.5 cents at $12.09 an ounce.
October platinum settled down $14.10 at $1,246.50 an ounce.
September palladium ended the session down $4.30 at $324.65 an ounce.
The benchmark September copper contract dipped to a weekly low of $3.4325 per pound before settling 10.15 cents lower at $3.4895 per pound.
September crude ended 35 cents lower at $75.46 a barrel after hitting an intraday low of $74.65.
The September gasoline contract lost 3.77 cents to close at $2.3000 a gallon. The September heating oil contract slipped 1.59 cents to $2.1135 a gallon.
September natural gas fell 50.7 cents to settle at $7.292 a million British thermal units.
On the New York Board of Trade, Arabica coffee futures hit three-month highs. September ended 2.15 cents higher at $1.0585 a pound, after trading as high as $1.0890 a pound.
The most active September cocoa contract finished up $36 at $1,523 per metric ton.
Futures of raw sugar in foreign ports sank to 7-month lows before recovering. The October contract settled down 0.25 cent at 14.28 cents a pound.
On the Chicago Board of Trade, September corn settled 2.25 cents lower at $2.45 per bushel. August soybeans ended 5.75-cent lower at $5.76 per bushel. September wheat fell 6.25 cents to $3.9525 per bushel.
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