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Gold Reaches 4-Week High as Traders Seek Safety

October 13, 2014 at 10:05 by Vladimir Vyun

Gold prices rose to the highest level in almost four weeks as the market sentiment favored safer assets. Silver, platinum and palladium joined the rally. Traders often buy precious metals when they are seeking safety during times of troubles.

The reduction of global growth forecast by the International Monetary Fund continues to worry traders. The signs that the US Federal Reserve may postpone monetary tightening were also playing in favor of precious metals, weakening the dollar. On top of all that, today’s trade data from China was a bit disappointing, adding to the risk-negative mood of traders.

December futures for delivery of gold rose 0.53 percent to $1,228.20 per troy ounce as of 10:01 GMT on COMEX today, reaching the high of $1,237.86 intraday — the strongest price since September 17. Silver contract added 0.62 percent to $17.41 per ounce. Spot price for platinum went up 0.13 percent to $1,264.06 per ounce, while palladium advanced 0.38 percent to $788.05 per ounce.

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