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Gold Remains in Danger from Fed, Platinum Strong

November 5, 2013 at 2:05 by Vladimir Vyun

Gold rose a bit after the last week’s big decline, but remained in danger from prospects of stimulus tampering from the Federal Reserve. Dallas Fed President Richard Fisher fueled such talks, saying that the US central bank should start tampering as soon as possible. Concerns about the economic situation in Europe were not helping gold either. December futures for gold ticked up $1.5 (0.11 percent) to $1,316.2 per troy ounce as of 1:58 GMT on COMEX today.

Platinum was the strongest among precious metals. As it usually happens, the metal was supported by labor strikes in South Africa. Unending worker protests in the country hurt the mining industry, endangering supply and boosting prices. Spot price for platinum rose $3.50 (0.24 percent) to $1,457.75 per ounce today.

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