PRECIOUS METALS: NY Gold Pares Loss; Platinum, Palladium Fall

Precious metals weakened Thursday, with platinum and palladium posting their lowest closes since February, as investors sold a wide range of assets to avoid risk in case European debt issues worsen and curb economic growth.

However, gold pared its loss into the open-outcry close, faring better than other metals as it retains some safe-haven luster. Investors used several intraday retreats as buying opportunities.

Gold for June delivery settled with a loss of $4.50, or 0.4%, to $1,188.60 an ounce on the Comex division of the New York Mercantile Exchange.