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Advancing Palladium & Platinum; Will Jewelers Compensate High Gold Prices?

October 6, 2009 at 23:06 by Vladimir Vyun

Platinum and palladium advanced as gold climbed to a record after the dollar weakened, boosting appeal the metals a hedge against inflation. Some investors purchase precious metals to preserve their buying power. January futures for platinum delivery advanced $23.50 (1.8 percent) to $1,325.30 per ounce on the New York Mercantile Exchange. December futures for palladium delivery climbed $7 (2.3 percent) to $310.30 per ounce in New York.

Gold jewelers, the biggest users of the metal, will have a hard time compensating high metal price during year-end holiday sales. Jewelers have to lower their prices as sales suffered after they tried to rise prices for jewelry. Gold gained $5.86 (6 percent) to $1,023.16 per ounce at 10:51 in London.

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