Gold Prices Hemmed In

As for base metals, March-dated copper contracts closed down 3 cents at $2.58 a pound.

"Copper continues to look weak," notes Tobin Gorey, an analyst at Commonwealth Bank of Australia in Sydney. Prices "are still at a level that will encourage further production, so there's little to argue with in terms of direction for now," meaning that additional supply can be expected to hit the market, continuing to soften prices.

Shares of diversified miner Rio Tinto(RTP Quote) were losing 2.4% recently.