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Gold & Silver Drop amid Reduced Demand for Safety

January 25, 2013 at 19:56 by Vladimir Vyun

Gold declined and silver tumbled today as good macroeconomic data from Germany reinforced the positive outlook for global growth. The Ifo Business Climate Index for Germany advanced from 102.4 in December to 104.2 in January. The actual value beat the analysts’ forecast of 103.1.

The positive report from Germany added to signs of economic growth in other countries. The good market sentiment reduced demand for precious metals as a safe investment. Stocks are in favor now and the MSCI All-Country World Index of equities has jumped more than 4 percent this month.

February futures for delivery of gold fell $11.80 (0.71 percent) to $1,658.10 per troy ounce as of 19:50 GMT on COMEX today. Contract for delivery of silver in March dropped $0.57 (1.79 percent) to $31.15 per ounce.

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