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Precious Metals Gain, Platinum Especially Strong

February 18, 2013 at 18:22 by Vladimir Vyun

Gold rallied today on speculations that the previous drop made the precious metal cheap enough to become attractive to investors. The metal has lost 3.4 percent last week as signs of global economic growth damped demand for gold as a safe investment. Gold started this week with a rally, but the gains were small.

Other precious metals also rallied. Platinum was especially strong as South Africa experienced labor unrest yet again. Anglo American Platinum Ltd. reported that nine workers were shot with rubber bullets by security guards and three guards were harmed during the clash between two rival labor groups. The company is the biggest platinum producer.

Futures for delivery of gold in April advanced $0.10 (0.01 percent) to $1,609.60 per troy ounce as of 18:16 GMT on COMEX today. March contract for silver rose $0.08 (0.27 percent) to $29.93 per ounce. Platinum spot price climbed as much as $11.80 (0.73 percent) to $1,693.20 per ounce and palladium went up $5.38 (0.69 percent) to $764.50 per ounce.

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