Silver drops nearly 5 percent, natural gas gains

AP News
Posted: Dec 20, 2012 4:22 PM

Silver futures are leading a broad decline in metals prices, while natural gas prices rose sharply.

Silver lost $1.44 to $29.68 an ounce, a decline of 4.6 percent. Gold, copper and other metals also fell.

Metals fell following a strong report on the U.S. economy, which suggested less need for extra stimulus from the Federal Reserve and a stronger dollar.

The Commerce Department raised its estimate of economic growth in the third quarter to 3.1 percent from 2.7 percent. The dollar rallied on the news.

In other commodities trading, corn futures ended lower following reports of better weather in Brazil. Energy prices ended higher.