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Gold, Silver & Palladium Gain, Platinum Stays Weak

October 25, 2012 at 23:19 by Vladimir Vyun

Gold rebounded today, following the two-day drop, as Brazil and Turkey increased their holdings of the precious metals. Silver and palladium also gained, while platinum stayed weak. Brazil boosted its gold reserves for the first time since December 2008, according to the International Monetary Fund.

Precious metals also strengthened as the dollar retreated on positive macroeconomic data from the United States. Unemployment claims fell from 392,000 to 369,000 last week and durable goods orders climbed 9.9 percent. The housing market showed signs of improvement.

Gold went up from $1,706.06 to close at $1,712.78 per troy ounce on COMEX today. Silver was up from $31.79 to $32.07 per ounce and palladium rose from $598.35 to $601.00 per ounce. At the same time, platinum dropped from $1,572.25 to $1,564.30 per ounce.

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