Gold prices fall after smooth Italian bond auction

AP News
Posted: Feb 27, 2013 5:06 PM

Metal prices are lower after some investors decided that Italy's gridlock-inducing election might not be so worrisome after all.

On Wednesday gold for April delivery fell $19.80, or 1.2 percent, to $1,595.70 per ounce. Silver, palladium and platinum were all down 1 percent or more.

Oil prices were lackluster. Benchmark oil rose 13 cents to $92.76 a barrel on the New York Mercantile Exchange. The government reported that crude inventories increased less than expected.

Most agricultural commodities were flat.