Precious Metals Drop on Equity, Commodity Slump, Japan Concern

Gold dropped the most in 10 weeks in New York as some investors sold the metal to raise cash as commodities and equities slid. Silver plunged, and palladium and platinum slipped, on concern industrial demand will wane.

Global stocks fell and commodities declined as Japanese authorities battled to contain a nuclear accident north of Tokyo. Toyota Motor Corp., the world’s largest automaker, and other car manufacturers closed plants after Japan’s magnitude-9 earthquake and tsunami last week. Platinum and palladium are used to make pollution-control devices in automobiles.