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Gold Ends Week with Gains, Copper Slumps

March 15, 2013 at 20:56 by Vladimir Vyun

Gold was little changed today after rising earlier as US inflation accelerated. The Consumer Price Index advanced 0.7 percent in February after posting zero growth in January, increasing demand for the precious metal as a hedge against inflation. April futures for delivery of gold traded at $1,590.70 per troy ounce as of 20:48 GMT on COMEX today. The metal ended the week with gains.

Not all news from the United States was good and this drove copper prices lower. The Empire State Manufacturing Index fell from 10.0 in February to 9.2 in March. The preliminary University of Michigan consumer sentiment unexpectedly dropped from 77.6 in February to 71.8 this month. Contract for delivery of copper in May sank $0.0195 (0.55 percent) to $3.5170 per pound.

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