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Precious Metals Rally, Gold Heads to Weekly Gain, Silver Falls

April 25, 2014 at 18:44 by Vladimir Vyun

Gold rallied together with other precious metals, withe the exception of silver, today as tensions between Russia and Ukraine continue to drive investors to safer assets. Prices were heading to weekly gain.

Russia warned Ukraine against attacking pro-Russian protesters. Meanwhile, the Group of Seven is considering additional sanctions against Russia. There are reports that the United States are moving troops in the Eastern regions of Europe.

The geopolitical risks increase demand for safety, driving gold up 1.2 percent over the week. Yet the gain is in no way big enough to erase the previous week’s 3.0 percent drop.

June futures for delivery of gold advanced $10.10 (0.78 percent) to $1,300.60 per troy ounce as of 18:38 GMT on COMEX today. July contract for silver slipped $0.02 (0.12 percent) to $19.67 per ounce. Spot price for platinum went up $8.06 (0.57 percent) to $1,421.75 per ounce and palladium rose $8.74 (1.09 percent) to $810.14 per ounce.

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