LONDON: Gold erased its earlier one percent gains to trade little changed on Wednesday from the previous session as a further decline in equities sparked selling of commodities and the dollar firmed a touch against the euro. Silver fell five percent, platinum nearly five percent and rhodium more than 10 percent as fears over the outlook for the global economy added to the perception demand will fall for industrial precious metals that also have an industrial use. Spot gold was at $835.80/838.30 an ounce at 1344 GMT, little changed from $835.25 in late New York trade on Tuesday. Earlier it touched a session high of $848.30. Falling crude prices typically weigh on gold, which is often bought as a hedge against oil-led inflation. Among other precious metals, spot silver tumbled five percent to a session low of $10.15 an ounce, before settling back at $10.29/10.37 an ounce against $10.95. The platinum group metals also fell, with platinum slipping more than three percent and rhodium falling more than 10 percent, as investors worried over the demand outlook. Rhodium shed $350 an ounce as investors sold the precious metal on fears demand from carmakers would fall, and to raise cash to cover losses on other markets. Spot platinum fell to $974/994 an ounce against $1,017.50 late in New York on Tuesday. Spot palladium was quoted at $193.50/201.50 an ounce against $195. reuters
